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Caroline Choi's Blog

By Caroline Choi | Broker in 90017

CalHFA: Helping Homeowners Keep Their Homes

CalHFA: Helping Homeowners Keep Their Homes


CALHFA: HELPING HOMEOWNERS KEEP THEIR HOMES 

Good news for homeowners who need assistance: the California Housing Finance Agency recently announced a new program to help homeowners keep their homes.  The "Keep Your Home" program offers assistance to homeowners who have experienced a financial hardship, major life change, major increase in mortgage payments, or major decline in home value.

What kind of assistance does the program offer?

  • If you've lost your job and are nearing foreclosure, you can get a payment subsidy up to $1,500 or 50% of the monthly mortgage payment - whichever is less, for up to 6 months.
  • If you've missed 1+ payments, you can receive up to $15,000 or 50% of the past due amount - whichever is less, to reinstate the mortgage and stop the foreclosure.  This "catch-up" money must be matched by either the borrower, lender, loan servicer, and/or mortgage insurer.
  • If you have serious negative equity, you can get up to $50,000 to reduce the principal balance to prevent a foreclosure.  The lender, in this case, must agree to reduce the principal balance by the same amount.
  • If you can't afford to keep your home and are willing to do a short sale or deed-in-lieu of foreclosure, you can receive a one-time sum of $5,000 in relocation assistance.
The program is expected to be implemented by Nov. 1st, and hopefully will be of great assistance to homeowners who are experiencing hardship.  Read more about the program at www.keepyourhomecalifornia.com.


Caroline Choi Realtor
Caroline Sells The City
www.CarolineSellsTheCity.com

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