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Bobby Lehmkuhl & Danielle Dutcher's Blog

By Bobby LehmKuhl | Broker in 90265

Mortgage aid open to more Calif. borrowers

The state-run program, “Keep Your Home California,” which helps homeowners struggling to pay their mortgages now has broader eligibility guidelines.  Borrowers who did cash-out refinances and own multiple properties now are eligible for the program, according to California Housnig Finance Agency officials. Keep Your Home California has helped approximately 8,000 low- and moderate-income households that are behind on loan payments or close to default. 

There are four parts to the program - mortgage aid for homeowners with documented financial hardship, mortgage help for the unemployed, relocation help for those in the midst of a short sale or deed-in-lieu of foreclosure, and reduction of principal. Homeowners who completed cash-out mortgage refinancing now are allowed to take part in the four programs outlined above, and borrowers who own more than one property also can apply for the program.  Previously, these two groups of borrowers were excluded from participation. Mortgage aid to unemployed borrowers also has been extended to nine months, instead of six. Such homeowners can receive up to $3,000 a month.  To qualify, borrowers must be receiving unemployment benefits.  Additionally, the program has reinstated up to $20,000 in past-due mortgage payments instead of the previous $15,000 cap.

      

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