Posts Tagged ‘mortgage assistance programs’

Keep Your Home California – CalHFA Mortgage Assistance For Unemployed Homeowners

Thursday, February 10th, 2011

Here’s some good news for unemployed homeowners in California who are struggling to pay their mortgage…..

CalHFA’s plan to use nearly $2 billion in federal funding to help families in hardship with their Keep Your Home California programs, has been approved by the U.S. Treasury Department.

The programs focus on assisting low to moderate income families stay in their homes when possible, and leveraging additional contributions from mortgage servicers.

Primary objectives for CalHFA’s Keep Your Home California programs include:

– Preserving homeownership for low and moderate income homeowners in California by reducing the number of delinquencies and preventing avoidable foreclosures

– Assisting in the stabilization of California communities

Each program is designed to address one or more aspects of the current housing crisis by doing the following:

– Helping low and moderate income homeowners retain their homes if they either have suffered a financial hardship such as unemployment, have experienced a change in household circumstance such as death, illness or disability, or are subject to a recent or upcoming increase in their monthly mortgage payment and are at risk of default because of this economic hardship when coupled with a severe decline in their home’s value.

– Creating a simple, effective way to get federal funds to assist low and moderate income homeowners who meet one or all of the objective criteria described above. Speed of delivery will be balanced with fulfillment of the specific program’s mission and purpose.

– Creating programs that have an immediate, direct economic and social impact on low and moderate income homeowners and their neighborhoods.

As with most financial assistance programs, Keep Your Home California has a few restrictions:

– The Keep Your Home California programs are only available to homeowners whose mortgage servicing company agrees to the terms and conditions governing the use of the allotted funds.

– A homeowner cannot receive assistance if their mortgage servicer has not signed an agreement with CalHFA MAC. You can find a list of participating servicers and which programs they are currently offering here: Participating Servicers

Find out more about these CalHFA programs at the official Keep Your Home California website: http://www.keepyourhomecalifornia.org/ Or call Toll Free 1-888-954-KEEP (5337)