Help for California Homeowners with Financial Hardships

Mortgage and Lending with WealthWise Mortgage Planning, a Division of American Pacific Mortgage Corporation NMLS #1850 NMLS 244226

Help for California Homeowners with Financial Hardships  

If you are a homeowner experiencing financial hardship, 
the California Housing Finance California mortgage assistanceAuthority (CalHFA) might be able to help!

CalHFA has a mortgage assistance program called “Keep Your Home California”, a federally funded initiative for low- and moderate-income homeowners who are delinquent or facing default on their primary residence.  The program has four components: 

Unemployment Mortgage Assistance*

For homeowners receiving California EDD Unemployment, mortgage payment assistance up to $3,000 per month for up to nine months. 

Mortgage Reinstatement Assistance*

One time payment of up to $20,000 for principal, interest, taxes, insurance and HOA dues for those who have fallen behind on their first mortgage. 

Principal Reduction*

Funds to be matched, dollar for dollar, by the loan servicer (the company to which the monthly payment is made each month) for loan principal reduction.  (For mortgages originated before 1/1/09) 

Transition Assistance*

One time funds up to $5,000 for homeowners involved in a short sale or deed in lieu of foreclosure.

 * These programs have income limits and eligibility criteria.  Homeowners may qualify for more than one program. 

The funds are disbursed directly to the participating loan servicer, to be applied to the first mortgage.  The assistance is a conditional lien that does not require payments.  The lien becomes a loan subject to repayment, however, if the home is sold or the first mortgage is not kept in good standing for three years following the disbursement. 

For assistance and more information, call 888-954-KEEP. 

If you are not experiencing a financial hardship and would like to refinance an underwater mortgage, please call me at (916) 849-9200.

Comments (3)

Tim Lorenz
TIM LORENZ - Elite Home Sales Team - Mission Viejo, CA
949 874-2247

Now that is some progrom.  How could you go wrong. 

Nov 08, 2011 05:45 PM
Ronald DiLalla
Century 21 Discovery DRE 01813824 - Anaheim, CA
No. Orange Cty Real Estate

Hi Ed,  lots of great info for us California Realtors...thanks for sharing.

Nov 08, 2011 07:19 PM
Ed Gillespie
WealthWise Mortgage Planning, a Division of American Pacific Mortgage Corporation NMLS #1850 - Folsom, CA

Thanks Tim & Ronald, I'm hoping to hear some testimonies from people who actually benefit from this program.

Nov 09, 2011 03:40 AM