Holders of residential mortgages who have been current for at least 6 months+ yet are underwater on their mortgage for their primary residence should be allowed to refinance their current mortgage to a lower interest rate. If multiple loans exist on the residence, they should be rolled into one single mortgage. If they are not underwater on their primary mortgage, but have a secondary loan that together places them underwater, this should apply.
If the mortgage holder is no longer able to pay, but has been relying on others to pay, who have been living in the residence for at least the past 6 months, they should be able to assume the refinanced mortgage.
They should not incur excessive fees, nor have to go through an appraisal on their residence in order to obtain this streamlined loan.
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