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By Linda Urbick | Agent in San Ramon, CA
  • Unemployed Homeowner Assistance Program - California January 2011

    Posted Under: Market Conditions in California City, Financing in California City, Foreclosure in California City  |  January 24, 2011 6:58 PM  |  831 views  |  No comments

    Keep Your Home Program – Available in California

    The “keep your home program” received nearly $2 billion in federal funds to help struggling California families pay their mortgage and stay in their homes. The California Housing Finance Agency is handling this program.

    The program officially launched this month January 2011. Depending on the circumstances, you may be eligible for up to $3,000 in assistance to help pay your mortgage. The term is six months with the expectation that you will be employed at the end of this time frame.

    Eligibility will rely on your lender participating in the program. So far Wells Fargo, Bank of America, Chase, and GMC are on board. Citi Mortgage is expected to become part of this program.

    The intent of the program is to help homeowners avoid foreclosure.

    Some of the requirements for eligibility:

    •       Mortgage amount less than $729,750
    •       Income cannot be more than 120% of the Median Income for a family of four in the county where you live
    • Hardship – you must be able to document a hardship
    • Must be able to receive unemployment benefit
    • Mortgage is delinquent or at risk of becoming a default
    • The mortgage must have been initiated before January 2009

    For more information and to apply contact the California Housing Finance Agency, Tel: 888-954-5337, or visit their website at http://www.keepyourhomecalifornia.org/

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