If you hold a mortgage owned or guaranteed by Freddie Mac, but have been unable to refinance because you owe more than the house is worth, help may be on the way. Freddie Mac will now allow refinancing up to 125% of the home's value. This could be helpful if your area has had a downward shift in values in the last few years.
How do you know if your home mortgage is owned or guaranteed by Freddie Mac? Ask the mortgage servicer--those people you send the mortgage to each month-- or fill out this online form to find out.
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