CalHFA Reverses Policy Against Homeowners Who Rent Out Properties

CalHFA Reverses Policy Against Homeowners Who Rent Out Properties The California Housing Finance Agency (CalHFA) has halted its policy of threatening borrowers with foreclosure if they are discovered to be renting out their properties.

The Los Angeles Times reports that CalHFA has either initiated or threatened foreclosures against approximately 200 borrowers who were not living in their homes but were using them as rental properties – a violation of state law. The foreclosure threat was made even if the homeowners were current on their mortgage payments.

‘The agency is making the right decision during difficult economic times,’ says State Sen. Darrell Steinberg, who announced that CalHFA would stop pursuing the foreclosure process. ‘Struggling families, who are working to do the right thing in meeting their obligations, shouldn't be saddled with an extra, unnecessary burden.’

LEAVE A REPLY

Please enter your comment!
Please enter your name here