In December, the federal government rolled out a revamped version of the HomeAffordableRefinanceProgram with relaxed home-equity requirements, to allow more borrowers to refinance.
The company currently allows its borrowers who are underwater or who have less than 20% equity to refinance with reduced documentation and fees under the HomeAffordableRefinanceProgram.
Those deeply underwater or behind on their payments can take advantage or can try to take advantage of the HomeAffordableRefinanceProgram (HARP) and the HomeAffordable Modification Program (HAMP), though even borrowers who qualify have had difficulty working with their lenders.