Help for California Homeowners with Financial Hardships
If you are a homeowner experiencing financial hardship, the California Housing Finance Authority (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.
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)
One time funds up to $5,000 for homeowners involved in a short sale or deed in lieu of foreclosure.
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.