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California Homeowners With Financial Hardship Have Options

Posted on in Real Estate

If you own and occupy a home in California and are having trouble making your mortgage payments, or have already fallen behind, there are programs to try and help. A useful, but by no means exhaustive resource can be found at the Keep Your Home California website.

The Keep Your Home California programs are only available to homeowners whose mortgage servicing company agrees to the terms and conditions governing the use of the funds listed on the site. If your servicer is not currently participating in Keep Your Home California, you may want to call them and encourage them to do so.

Keep Your Home California offers the following programs:

Unemployment Mortgage Assistance for those currently collecting unemployment benefits. Benefit assistance can be up to $3,000 per month and can last up to nine months. The maximum assistance per household is $27,000.

Mortgage Reinstatement Assistance Program for those who have fallen behind and can't catch up on their payments. Assistance can be a one time payment of up to $20,000 to cover principal, interest, taxes and insurance, as well as any homeowner's association dues.

Principal Reduction Program for those who can't afford their payments as a result of economic hardship coupled with a decline in home value. Homeowners can be eligible for up to $50,000 in assistance from Keep Your Home California. This program requires a dollar-for-dollar match from the participating servicer, so the total amount of reduced principal could be up to $100,000.

Transition Assistance Program for those who can no longer afford to stay in their home. These are one time relocation funds of up to $5000 after executing a short sale or deed-in-lieu of foreclosure program.

Find out more about eligibility and income limits at the Keep Your Home California website.

SAC Attorneys LLP handles real estate disputes, including arbitration and litigation arising out of real estate transactions, agent and broker relationships and landlord/tenant matters. Contact our San Jose real estate litigation attorneys if you have questions.

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