Homeowners who are struggling to make their mortgage payments there is a program called “Keep Your Home”, it offers payment subsidies, lump-sum catch up money, principal reduction and relocation assistance for low & moderate income homeowners who have financial hardship, major changes in life circumstance or unaffordable increase in their mortgage payment or severe decline in their home’s value.
- Homeowners who’ve lost their job and are in danger of foreclosure , can obtain payment subsidy of up to $l,500 or 50 percent of their monthly mortgage payment whichever is less.
- Homeowners who’ve missed one or more payments can receive up to $l5,000 or 50 percent of the past due amount. The lender, mortgage insurer must match the catchup money on a dollar for dollar basis.
- Homeowners who have severe negative equity loss can receive up to $50,000 to reduce the principal balance to a market level to prevent an avoidable foreclosure. The money is granted on a matching basis, which means the lender must agree to the same amount.
- Homeowners who can’t afford to keep their home and are wiling to cooperate on a short sale or deed in-lieu of foreclosure.
- To qualify you must occupy a home as a primary residence, meet income restrictions, sign a hardship affidavit, or be delinquent or in danger of imminent default. The property must be in CA and cannot be abandoned, vacant, condemned or serious disrepair.
- This program will be available in November.