Californians Help Is On The Way To Save Your Home

4 Programs to Help Californians Save Their Homes Now In Process

Save My HouseThe California Housing Finance Agency has fully implemented 4  programs to help families keep their homes.

The programs called “Keep Your Home California”, are federally funded as part of the U.S. Treasury Dept.’s Hardest Hit fund, and are aimed at helping low and moderate income homeowners struggling to pay their mortgages amid the worst real estate crisis in decades.

California received a total of nearly $2 billion through the Hardest Hit fund.

Here is a brief overview of the “Keep Your Home California” programs:

  • Mortgage assistance of up to $3,000 per month for unemployed homeowners who are in
    imminent danger of defaulting on their home loans.
  • Funds to help homeowners who have fallen behind on their mortgage payments due to a
    temporary change in a household circumstance. The program will provide up to $15,000
    per household to reinstate mortgages to prevent foreclosures.
  • Money to reduce the principal owed on a mortgage for a home where the low or
    moderate income homeowner is facing a serious financial hardship and owes
    significantly more than the home is worth. The program requires lenders to match any
    assistance provided by the Keep Your Home California program.

To apply for assistance contact the Keep Your Home California call center toll-free at (888) 954-5337 or to the bank who is holding your mortgage. Each of the mortgage assistance programs requires the participation of the mortgage servicer.

There are some stipulations for qualification such as owner occupant, income limits and currently facing a financial hardship.

As of Feb. 9, the following servicers are participating in all four Keep Your Home California programs:

  • GMAC
  • Guild Mortgage
  • California Housing Finance Agency
  • California Department of Veterans Affairs

Bank of America, JPMorgan Chase, CitiMortgage and Wells Fargo are currently participating in some, but not all programs at this time. Be persistent if you contact one of these lenders to find the right department to help you. In each one of these institutions there are many departments, and most times they are not aware of the programs available.

Also, if you mortgage company is not on the above list, check the website as it is anticipated that more lenders will be coming on board.

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