Interesting news recently. According to the California Housing Finance Agency (CalHFA) “Stress Aid” is now available to home owners who refinanced their homes during the peak of the market and pulled equity out for other uses. Wow.
It appears that a lot of home owners who have applied for assistance under CalHFA’s Keep Your Home initiatives are in that predicament so the Agency has relaxed the requirements to allow homeowners in distress because of optimistic refinancing during the peak to take advantage of these initiatives. The State goal is to help 100,000 plus homeowners through all four of the initiative’s programs.
How much of the $2 billion state wide assistance program funds will be available to help home owners who refinanced isn’t clear. To date only 201 home owners have received assistance although about 2,200 are involved in the application process.
If you want to know more about these programs call 888.954.5337 or on line at keepyourhomecalifornia.org