The California Housing Finance Agency (CalHFA) program to help unemployed homeowners pay their mortgage is finally underway. I've written about this program and its delays before (see California Wants You to Keep Your Home and Keep Your Home Program Delayed), but now it is up and running and taking applications.
Under the umbrella Keep Your Home California initiative, the Unemployed Mortgage Assistance Program will give some unemployed homeowners up to $18,000 over six months to pay their mortgage. Other, as yet unimplemented, programs within the initiative provide funds to reinstate delinquent mortgages, funds to reduce principle balances on underwater loans and relocation assistance money to people who give up their homes with a short sale or through a deed-in-lieu of foreclosure.
There are a number of qualifications and restrictions that I won't go into here. For complete details, call the toll-free number 888-954-KEEP(5337) or visit the CalHFA web site at http://www.calhfa.ca.gov.
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