Underwater mortgages: Who picks up the tab?

New mother, Rosy Noorani, toured a McKinney home today that is up for sale. She says her growing family needs a larger house.

Noorani says because the homeowners recently reduced the home by about $125,000 and are willing to take less than they owe, that just might close the deal. “It was out of our price range, but not so much now”.

That home is now selling under an old practice called, “short sale”, but it is one the Obama Administration hopes to revive through a new program.

Full story is available on the33tv.com

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