I had a $435 000 house (purchased in 2007) drop to a value of $315,000 around 2010. So, we applied for the affordable home program. We got our principal reduced to about $320,000 from the loan value of $375,000. That sounds great, but we did have to claim the $55,000 difference as income.
I had a $435 000 house (purchased in 2007) drop to a value of $315,000 around 2010. So, we applied for the affordable home program. We got our principal reduced to about $320,000 from the loan value of $375,000. That sounds great, but we did have to claim the $55,000 difference as income.