California’s TAP Program Helps Distressed Homeowners With Transition Assistance
Keep Your Home California offers several options for those struggling to keep up with their mortgage.
Even in this time of real estate recovery, there are homeowners who are still reeling from the negative side effects of the Great Recession. In some cases, homeowners are still upside down on their mortgage, or their financial situation still hasn’t recovered.
Keep Your Home California provides alternatives to struggling homeowners who are looking for a way to either keep their home, or at least save their home from being taken by the bank, thus suffering through foreclosure.
What type of programs are available through Keep Your Home California?
There are four different options available to distressed homeowners by way of this program.
Unemployment Mortgage Assistance
This program offers up to $3,000 in mortgage payment assistance to eligible homeowners who have experienced an involuntary job loss and are currently receiving benefits from the California Employment Development Department (EDD). Mortgage assistance can last up to 12 months, with a maximum benefit per household not exceeding $36,000.
Mortgage Reinstatement Assistance
If you have fallen behind on your mortgage, you may qualify for up to $25,000 in a one time payment to cover past due principal, interest, taxes and insurance to get your loan caught up and back on track.
Principal Reduction Program
Provides assistance for homeowners who have experienced an economic hardship coupled with a severe decline in their home’s value. Qualified participants may receive up to $100,000 in assistance through Keep Your Home California
Transition Assistance (TAP)
Finally, if you’ve exhausted all other options and are working on avoiding foreclosure through a short sale or deed-in-lieu, Keep Your Home California offers qualified participants up to $5,000 in transition assistance to help with moving costs.
How do I qualify for any of these programs?
There are some minimum qualifications that homeowners must meet to qualify for any of these programs.
- You must occupy the home you own as your primary residence
- Meet low and moderate area income limits
- Have a provable hardship that is supported by a completed and signed affidavit
- Have adequate income to sustain modified first mortgage payments
- Home must be located in California
- Be a single family, 1-4 unit home or condominium. Mobile homes may be eligible if permanently attached to foundation.
- Mortgage must be first lien only with an unpaid balance of $729,750 or less
- Mortgage must be delinquent or at risk of imminent defaut
The Elgin and Pilar Walker Team are your Real Estate Advocates. If you are struggling to stay in your home, we have solutions for you. Contact us today for a discreet, no obligation consultation.