Admin

Foreclosure Alternatives for Paradise Valley Homeowners

By
Real Estate Agent with Sellstate Next Generation BRE#01271023 NMLS#1085627

 

keep your home banner

 

Foreclosure Alternatives for Paradise Valley Homeowners- Keep Your Home California

 

Hey underwater Paradise Valley homeowners. Have you heard about "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.

 

Fifty-five mortgage servicers are now participating in this program that offers mortgage assistance to help 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 707-704-9250

 

 

 

Posted by

 

Kevin Dwyer | 858-926-3352

Urban Financial of America

 

 

 

 

Show All Comments Sort:
Tamara Inzunza
Realty One Group Capital - Alexandria, VA
Close-In Alexandria and Arlington Living

I'm glad to see programs like this offered.  I'm wish every state offered this kind of assistance.

Jan 26, 2013 03:22 AM
Ricky D. Sadler
Real Estate Marketing Experts &Trusted Senior Advisors on Property Management services, Rentals Leasing, Landlord Ten... - Seattle, WA
Trusted Senior Property Advisor & Marketing Expert

Kevin,

I feel this is a better deal then doing the short sale, I know I not making any points out their but what i keep seeing from renter that have done the short sale of their homes and have balances following them of upward of 100,000 plus.These people are not out form under their homes.They just don't have one  foreclosure make more sense if they can't work it out with the bank. Then selling and still oweing a balance

 

Ricky D

Seattle,WA

www.RD-house.com

Jan 26, 2013 10:32 AM
Joan Whitebook
BHG The Masiello Group - Nashua, NH
Consumer Focused Real Estate Services

These programs sound great, but I am wondering who is paying for them.  Do you know how these programs are funded?

Jan 26, 2013 10:52 AM
Kevin Dwyer
Sellstate Next Generation - San Diego, CA

Joan- Here's the information on how the program is funded: The Hardest Hit Fund® was created by President Obama to provide targeted aid to families in these states.

On June 23, 2010, California received approval to develop four unique foreclosure prevention proposals with Hardest Hit funding. California was ultimately awarded nearly $2 billion in funds to help eligible California homeowners avoid preventable foreclosures.

Ricky- I think it's a case by case basis whether it is ulltimately better for the homeowner.

I agree Tamara. I hope your state has a program like this.

Jan 26, 2013 02:04 PM
Christine Donovan
Donovan Blatt Realty - Costa Mesa, CA
Broker/Attorney 714-319-9751 DRE01267479 - Costa M

Kevin - I've heard of this program and think it's important given how many households have been hit during the crisis.

Jan 26, 2013 02:24 PM
Chuck Mixon
The Keyes Company - Cutler Bay, FL
Cutler Bay Specialist, GRI, CDPE, BPOR

Great Post Kevin I am sorry to say that these programs in the past have not worked well and seem to be a waste of money. I blogged about it and replied to many post 3 years ago that helping homeowners this way will not fix the problem. Here we are 3 years later and still doing the same thing over and over. The solution is down sizing and starting over.

Jan 26, 2013 06:23 PM
Scott Nowling
Prudential Starck - Saint Charles, IL
Prudential Starck

Kevin:  I think this is a pretty sweet keyword title and it's followed up by good info.  Nicely done!  Scott

Jan 26, 2013 10:14 PM
Michael Setunsky
Woodbridge, VA
Your Commercial Real Estate Link to Northern VA

Kevin, good to hear California is initiating programs to help these homeowners.

Jan 26, 2013 10:47 PM
Nicole Monary
Sellstate Next Gen Realty - San Diego, CA
Nicole Knows San Diego Neighborhoods

Congratulationd on a featured post and thanks for this hopeful information for CA homeowners.

Jan 27, 2013 12:33 AM