The California Housing Finance Agency Wants You to Keep Your Home
CalHFA is not taking applications or maintaining waiting lists for the Keep Your Home California programs at this time.
If you are currently struggling to make your mortgage payment, are in any stage of mortgage delinquency or are already facing foreclosure, it is important for you to contact Us today.
• The “Keep Your Home California” program is a $1.83 billion government aid program that will pay down loan balances and provide monthly cash assistance to struggling California homeowners.
• One of the logistical complications that has caused the delay is the fact that Fannie Mae and Freddie Mac last week instructed their loan servicers to participate in the program, dramatically increasing the number of potentially eligible homeowners.
• Funded with federal money, the program offers four different types of cash assistance for an estimated 100,000 low- to moderate-income California homeowners. Additionally, eligible borrowers must have endured some sort of loss of income.
• The two primary forms of aid include $875 million dedicated toward unemployed Californians who need help making their monthly payments, and $790 million to be used to directly reduce mortgage loan balances.
• Although the program has been delayed for several weeks, homeowners struggling to make their mortgage payments are advised to not wait for assistance programs to begin before contacting their servicer or lender. Instead, homeowners should begin working with their lender or servicer at the first sign of difficulty.
• More information about the “Keep Your Home California” program can be found at Keep Your California Home. A toll-free hotline soon will be established.
Los Angeles Times Foreclosure activity up across most U.S. metro areas The foreclosure crisis intensified across a majority of large U.S. metropolitan areas this summer, with Chicago and Seattle – cities outside of the states that have shouldered the worst of the housing downturn – seeing a sharp increase in foreclosure warnings.
Read the full story: http://www.latimes.com/business/la-fiw-foreclosure-20101028,0,6074148.story
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