The California Housing Finance Agency said that people will no longer be excluded from three of the four Keep Your Home California programs just because they took out a home equity line of credit or did a cash-out refinance.
Keep Your Home California is a state-run program getting $2 billion from the U.S. Treasury's Hardest Hit Fund. It is designed to help low- and moderate-income people who are unemployed or owe more than their home is worth pay their mortgage.
There are four individual programs under the umbrella program. Eligible homeowners can get up to $50,000 in assistance from one or more of the four programs combined.
When Keep Your Home started taking applications in early February, it barred people from all four programs if they had tapped the equity in their homes.
"We knew we didn't have enough money to serve everyone," says Diane Richardson, CalHFA's director of legislation. "We wanted to help people who were in some kind of trouble through no fault of their own, who weren't upside down because they had taken out equity."
Read more: http://www.sfgate.com/cgi-bin/article.cgi?f=/c/a/2011/04/05/BULM1IQG4F.DTL#ixzz1JbaTBdCz
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