Nontraditional borrowers OK d for aid
by
The New York Times
|
Today at 2:04 a.m.
States can allocate some of the $10 billion in federal funding for struggling homeowners to help people who bought their residences with nontraditional home loans, according to Treasury Department officials.
Guidance issued Monday for the new Homeowners Assistance Fund allows states to provide financial aid to qualified residents who face foreclosure on a loan for a mobile home or a home acquired through a contract for deed a loan financed by the seller of the property. Some elderly residents who have taken out a reverse mortgage on their homes a deal in which a borrower can get cash for the equity in their house may also qualify for the emergency-assistance money.
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