State Programs Available To Help Distressed Homeowners Avoid Foreclosure
California Homeowner Programs Provide Services Such As Assistance For Unemployed, Principal Reduction and More
We hear about it all the time: The real estate market is in recovery.
So very true. Prices are on the rise as well as home mortgage loan applications, interest rates are still phenomenally low. Home buyers are buying, home sellers are selling. This, combined with news of longer term economic growth such as record high closings on the stock market, a rise in consumer spending, and the gradual drop in the unemployment rates give us hope for a full recovery.
And yet, despite a drop in foreclosures, they are still happening. Despite unemployment numbers falling, people are still out of work. Despite a hot real estate market, homeowners are still falling behind on their mortgage payments, are upside down in their mortgage, or both.
Keep Your Home California
Keep Your Home California is the name for an umbrella of mortgage assistance programs offered by the State of California. Similar to the federal Making Home Affordable program, Keep Your Home California caters specifically to the needs of California residents, offering a variety of solutions to help prevent California homes from going into foreclosure.
Programs Available Through Keep Your Home California
Unemployment Mortgage Assistance
This program can provide mortgage payment assistance to eligible homeowners who have experienced an involuntary job loss and are receiving benefits (or are eligible to receive benefits) through the EDD (Employment Development Department).
Benefits can provide qualified recipients up to $3,000 per month in mortgage assistance for up to nine months.
Mortgage Reinstatement Assistance Program
The Mortgage Reinstatement Assistance Program can provide qualified recipients up to $25,000 in a one-time payment to cover principal, interest, taxes and insurance (along with homeowner association dues) in an effort to bring their loan current.
Principal Reduction Program
The Principal Reduction Program offers eligible homeowners up to $100,000 in mortgage assistance. Eligibility requirements include proof of hardship coupled with a loss of value on your property.
Transition Assistance Program
This program offers transition funds of up to $5,000 for eligible recipients who have either sold their home via a short sale or avoided foreclosure through a deed-in-lieu.
For a full description of these programs, visit the Keep Your Home California website by clicking here.
There is help, there is hope!
As we’ve written about in depth over and over again, you don’t have to let the banks win. These programs, along with our training, expertise and knowledge of the real estate and lending industries can help you avoid foreclosure. We are your real estate advocates. Contact us for a confidential, no obligation consultation. All you have to do is fill out the form below, and we’re ready to help.