Posted March 14, 2012 by Rogers Healy
Don't assume that you can write off all mortgage interest after refinancing. Homeowners are usually entitled to interest deductions on the amount left on their original mortgage. Whether they can deduct interest on the excess depends on several variables, including the amount of extra money they have borrowed and how they plan to use it.
President Obama announced today new mortgage relief for members of the military, veterans and homeowners with government-insured loans to help those borrowers still struggling.
The new program is being pitched as an addition to the Home Affordable Refinance Program (HARP), and it enables borrowers with Fannie Mae or Freddie Mac loans with the opportunity to refinance, even if they owe more than what their homes are worth. According to the Obama administration, the average borrower can save more than $1,000 a year by participating in the new program.
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