Refinancing borrowers with negative equity through the FHA Short Refinance Program would result in $24,000 in net benefits per refinanced loan, according to the Department of Housing and Urban Development. In its economic impact analysis, HUD said it expects the program to generate $24.5 billion of aggregate net benefits, assuming one million homeowners with underwater mortgages participated in 2011 through 2013. However, the benefits come with a cost and the process is not that easy. The enhanced FHA refinance program is intended to maintain affordable homeownership, prevent foreclosures and mitigate the potential for strategic defaults. The program drew attention in recent weeks ...