Archive → November, 2011
November 14th, 2011
New CalHFA government loan program
California expanded its $2 billion program to help property owners avoid property foreclosure to those with 2nd houses as well.
The California Housing Finance Agency established the four Hold Your Home programs using money through the Treasury Department’s $7.6 billion Hardest Hit Fund. Prior to, borrowers were restricted from modifications, unemployment funds, relocation assistance and even principal reductions if they had a 2nd residence.
Administrators eliminated the exclusion, since they claimed many house owners are co-signers on a 2nd home or are underwater on their first property.
