There is what I consider an underutilized program out there called "Keep Your Home California”. It’s a 2 billion dollar State run program designed to assist low to moderate income homeowners in distress. The program is free to homeowners and I dont think enough people know about them
Fifty-five mortgage servicers—representing 90 percent of the mortgages in California—are now participating in this program that offers mortgage assistance to help California families stay in their homes. To date, more than 10,000 homeowners have either received funding or are in the process of getting financial help from Keep Your Home California.
The 55 participants include six of the largest servicing companies in the state: Bank of America, JPMorgan Chase, Wells Fargo, GMAC, CitiMortgage and EMC Mortgage.
These important programs include:
Unemployment Mortgage Assistance: Mortgage assistance of up to $3,000 per month for homeowners collecting unemployment benefits and are in imminent danger of defaulting on their home loans.
Mortgage Reinstatement Assistance Program: As much as $20,000 per household to reinstate mortgages to prevent foreclosure. The funds are available to homeowners who have fallen behind on their mortgage payments due to a temporary change in household income, such as reduced pay or work furloughs.
Principal Reduction Program: Lowers the principal owed on a mortgage by as much as $100,000 when the homeowner is facing a serious financial hardship and owes significantly more than the home is worth.
Transition Assistance Program: Provides up to $5,000 in relocation assistance for homeowners who can no longer afford their home when their lender agrees to a short sale or deed-in-lieu of foreclosure.
Keep Your Home California is aimed at helping low and moderate income homeowners who are struggling with their mortgage payments amid the worst real estate crisis in generations. The programs are limited to homeowners who meet a number of criteria, including income limits and facing a documented financial hardship.
For a complete description of the programs and to find out if your lender is participating in these programs or if you qualify, call me today at 916-396-7487.
To get a better idea of when your Woodland home will be worth what you owe, log in to www.shortsaleandloanmod.info for a free estimate or call me today for a free no obligation consultation. Call me today and sleep better tonight; you’ll be glad you did
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