Imperial County homeowners urged to act quickly for mortgage payment assistance

EL CENTRO - Thousands of struggling homeowners across the State of California have already called in to take action for the federally funded mortgage assistance program valued at $2 billion.

"The program, called 'Keep Your Home California" is offered to homeowners who need help on a first come first serve basis", said Frederic Din, a REALTOR(R) in Imperial County California, one of the States hardest-hit foreclosure regions and an area with consistently the highest amount of unemployment.
 
"Imperial Valley has been hit especially hard by the housing downturn and our homeowners are urged to act quickly to make sure they get the emergency mortgage payment assistance available to help them keep their homes", says Frederic.  "Take the time, call, and apply now, even if you don't know if you qualify or not."

Homeowners who request help will need to meet eligibility and income requirements.  Imperial County has an income limit of $67,550, according to CHFA, the California Housing Financing Agency which is administering the federally funded program.  The homeowners mortgage servicer (the ones who collect the payment), must also participate in the program.

There are four programs which will have access to the $2 billion for mortgage assistance.

According to Evan Gerberding, assistant direct of market of CHFA says, "the programs are designed for people who are committed to being homeowners, and the last thing they want to do is to foreclose on their homes."  

The first of the four programs is the Unemployment Mortgage Assistance program and offers homeowners up to $18,000 toward their mortgage payments or up to $3,000 per month over six months while they look for work.  

The other three programs that are set to become available in February are:

Mortgage Reinstatement Assistance which provides financial assistance to reinstate delinquent mortgage loans to prevent potential foreclosure.

Principal Reduction Program reduces the outstanding principal for homeowners who are underwater by paying up to $50,000 to match, dollar for dollar, funds contributed by participating lenders.  

Transition Assistance Program provides up to $5,000 in transition assistance for short sales and deed-in-lieu of foreclosure. 

In Imperial County last year (2010), nearly 3,500 properties were affected by foreclosure, according to data reviewed and researched on Foreclosure Radar.  

For information regarding Keep Your Home California, feel to contact me at any time. 

Are you looking at buying a home?  Get personalized information by going to http://GetRealWithFred.com or http://ImperialValleyREO.com

First Time Home Buyer Video:  http://firsthomebuyervideo.com

Imperial County homeowners urged to act quickly for mortgage payment assistance
by Frederic Din, REALTOR(R)