Less than 1 percent of seriously underwater properties qualify for principal reduction

RealtyTrac®, a national source for comprehensive housing data, today released its Q1 2016 U.S. Home Equity and Underwater Report, which estimates that less than 1 percent of all seriously underwater properties nationwide potentially qualify for principal loan forgiveness under a new mortgage modification program introduced in April by the Federal Housing Finance Agency, which oversees government-backed loan agencies Fannie Mae and Freddie Mac.

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