New CA Mortgage Aid Program Offers Relief

By
Real Estate Agent with Temecula Short Sale Specialists - Lighthouse Properties

The U.S. Treasury Department has approved a  California Housing Finance Agency plan known as "Keep Your Home California" to use nearly $2 billion in federal funding to help families who have lost their jobs and are struggling to pay their mortgages.

The Keep Your Home California programs are focused on helping low and moderate income families stay in their homes, whenever possible and will give qualified unemployed homeowners up to $18,000 each over six months to pay their mortgage.

To qualify, homeowners must meet income and other restrictions and their loan servicer must participate in the program. As of Feb 4, 2011, only three servicers had signed up, but CalHFA expects to have up to 10 very quickly.

The California Housing Finance Agency, which is sponsoring the federally funded program, has posted a quick screening tool homeowners can use to see if they meet the major requirements at www.keepyourhomecalifornia.org/qualify.aspx. Homeowners can also call (888) 954-5337 to be referred to a housing counselor who will help determine eligibility for the Keep Your Home California program.

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