Second-Home Owners Eligible for Mortgage Help
California expanded its $2 billion program to help homeowners avoid foreclosure to those with second homes as well.
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.
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