As originally announced, the Obama mortgage modification plan was limited to homes whose total mortgage debt did not exceed 105% of the home’s value.
For example, if the home were worth $100,000, it was eligible so long as the total mortgage debt did not exceed 105% of that, or, $105,000.
The new rule ups the limit to 125%, or, in our example, $125,000.
Mortgage modification rules changed, as blogged by Morgan Housel on the Motley Fool site.
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