Can the homeowner refinance or pull equity from the home?
Yes, if PeopleTrust has received proper notice and approves the refinancing. Since refinancing changes the owner’s equity in the property, and since PeopleTrust is sharing in that equity, refinancing has to be done under terms that are agreeable to both the owner and PeopleTrust. Also, the mission of PeopleTrust and the Affordable Homes Program is to support buyers’ efforts to build financial stability and sustainability. Review of future refinancing agreements is consistent with and an extension of the financial education and counseling that makes up a key component of the Affordable Homes Program.
