California has some pretty nice assistance programs they are offering homeowners who are in trouble. Check out the Keep Your Home California Program and the 4 options they are giving distressed home owners today.
1. Unemployment Mortgage Assistance — provides mortgage payment assistance to eligible homeowners who have experienced an involuntary job loss and are receiving California EDD unemployment benefits. Benefit assistance can be up to $3,000 a month and can last up to 12 months. The maximum assistance per household is $36,000.
2. Mortgage Reinstatement Assistance — provides assistance to eligible homeowners who, because of a financial hardship, have fallen behind on their payments and need help to reinstate their past due first mortgage loan. Benefits can include a one time payment of up to $54,000 to cover principal, interest, taxes and insurance, as well as any HOA dues.
3. Principal Reduction Program — provides assistance to eligible homeowners who owe more on their mortgage than their home is worth. Homeowners must have experienced an economic hardship or a severe decline in their home’s value in order to be considered. Homeowners are eligible for up to $100,000 in assistance.
4. Transition Assistance — provides one time funds to help eligible homeowners relocate into a new housing situation after executing a short sale. This program can provide up to $5,000 in transition assistance per household.