Second-Home Owners Eligible for Mortgage Help
The California Housing Finance Agency established the four Keep Your Home programs using money from the Treasury Department's $7.6 billion Hardest Hit Fund. Before, borrowers were restricted from modifications, unemployment funds, relocation assistance and even principal reductions if they had a second home.
Officials eliminated the exclusion, because they said many homeowners are co-signers on a second home or are underwater on their first property.
Other changes to the programs include allowing borrowers to take advantage of principal reduction offers even if they completed a cash-out refinance in the past, which many Californians did during the boom.
Read the full story at HousingWire.
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