Donald and Stacey Dobbins fought for seven years to save their home from foreclosure, unable to keep up with ballooning debt on a property they bought in 2005 for $297,000 without any money down. In December, the Dobbinses’ lender offered to erase $190,000 from their debilitating debt and cut the interest rate to 4.4 percent. That reduced the monthly mortgage payment to $1,400. They join tens of thousands of homeowners across the country who are receiving hefty home loan write-downs.
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