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Federal government adds $3 billion to foreclosure prevention funds


Federal government adds $3 billion to foreclosure prevention funds 
The federal government has added $2 billion to the Hardest Hit Fund, managed by the Treasury Department, and another $1 billion to a new program under the Department of Housing and Urban Development that was authorized by the new financial overhaul law.
The Hardest Hit Fund, initiated in February 2010 and expanded in March, helps finance agencies in the seventeen states that have higher unemployment rates than the national average. It creates local aid programs, and California will receive the largest share, $476 million.
The program from the Department of Housing and Urban Development will finance interest-free, two-year bridge loans of up to $50,000 to help eligible borrowers pay their mortgage, including principal, interest, insurance, and taxes.
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Jim Frimmer, RealtorCentury 21 Award Mission ValleyCalifornia DRE License #01458572619-729-5701jimfrimmer@century21award.comMission Valley Condos Information
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