How does the Finally Home guarantee work?
Upon approval of a Finally Home application, the guaranteed amount is earmarked in the State Treasurer’s Loan Loss Reserve Fund. Should you need to foreclose on a borrower’s property within the first five years of the loan, you simply notify our office of the intent to do so. Although our ultimate goal is to prevent the foreclosure, if the borrower’s situation cannot be resolved and you need to eventually foreclose on the property, the State Treasurer’s Office will reimburse you for your realized losses up to the amount guaranteed. The reimbursement can be used for any losses realized up to the amount guaranteed, including those associated with the foreclosure process, such as legal, administrative, resale, etc.
