"Keep Your California Home Programs."  California homeowners who pulled money out of their homes are frequently confused about what, if any, options are available to them for assistance.  The San Francisco Chronicle recently published a good primer of the possibilities.  Since even the "Chron" had trouble keeping the pieces together, the California Association of Realtors® published a recent "Summary"  of the article ... pointing out some of the resources that are available to California Homeowners falling into distress.

"Keep Your California Home" programs and eligibility requirements are shown in the overview.  However, if a Homeowner still has a level of confusion after reading the summary and the full article, please contact a lending or real estate professional ... every case is individual and the results will vary from one homeowner to another.

Via the San Francisco Chronicle

Mortgage aid offered to those who cashed out equity

The California Housing Finance Agency announced this week that people who cashed out equity on their home now are eligible for three of the four "Keep Your Home California" programs.

MAKING SENSE OF THE STORY

 Keep Your Home California is a state-run program funded with $2 billion from the U.S. Treasury's Hardest Hit Fund. It is designed to help low- and moderate-income people who are unemployed or owe more than their home is worth pay their mortgage.

 There are four individual programs that fall under Keep Your Home California. Eligible homeowners can get up to $50,000 in assistance from one or more of the four programs combined.

 Under the new rules, people who took equity out of their homes will be eligible for the unemployment mortgage assistance, mortgage reinstatement assistance, and transition assistance programs if they meet all the other program requirements. Homeowners who cashed out equity will continue to be ineligible for the principal reduction program.

 When the program first started, homeowners who had tapped the equity in their homes were ineligiblefor the programs. CalHFA decided to include these homeowners due to the large number of homeowners who were being turned away for assistance.

 Under the program revisions, homeowners who originated mortgages after Jan. 1, 2009 also are eligible for the same three programs. Originally, these borrowers were excluded because they also are excluded under the federal Home Affordable Modification Program, so CalHFA wanted to be consistent with HAMP.

 To qualify for any of the four programs, homeowners must fall below certain income limits, must be living in the home, and cannot own a second home, among other criteria. For additional requirements, click here 

Read the full story

Hopefully most of your questions may be answered by the preceding resources.  If not, please do not hesitate to contact one of our Team members for additional information or other resources.

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If you may be considering relocation to the Central Valley of California considering adding Stockton and Lodi, California to your interest list.  The folks at The Nines Team will be delighted to show you our town … and some of the best real estate buying opportunities in the valley.  If you wish to search the local MLS please click here.  Don’t hesitate to call us if we can answer questions or get additional information for you!