Industry NewsMortgage

California expands ‘Hardest Hit’ eligibility for distressed homeowners

Those who tapped home equity or took out loans after '08 may qualify

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Editor's note: This story has been updated to correct that $7.6 billion has been allocated to the Hardest Hit Fund. California has expanded the pool of borrowers who could qualify for three programs aimed at helping families at risk of losing their homes, by making those who tapped their home equity or who took out loans after Jan. 1, 2009, eligible for assistance.The California Housing Finance Agency (CalHFA) is administering nearly $2 billion in federal "Hardest Hit" funds, a $7.6 billion program targeted at states with high foreclosure rates or unemployment.CalHFA is using the Hardest Hit Fund to provide four "Keep Your Home California" programs. More than 2,000 homeowners are in the process of receiving help since the programs launched in February, CalHFA said in announcing expanded eligibility requirements for three of those programs.With the U.S. Treasury signing off on the changes, CalHFA said eligibility requirements are being expanded for:The Unemployment M...