Well, here's the latest on the Keep Your Home California program which we've talked about previously. As I mentioned about a week ago, some of the restrictions and limits in the program have been relaxed. Now we have the details!
The time period during which a homeowner can receive assistance from the program has been extended from the previous six months to nine months. Amounts available have been raised to $3,000 per month. So far a total of 8,000 homeowners have been assisted through one part of the program or another.
It operates through four sub-programs: the Unemployment Mortgage Assistance Program, the Mortgage Reinstatement Assistance Program, the Principal Reduction Program, and the Transition Assistance Program. In these sub-programs, many prior limits have been eased. The Mortgage Reinstatement program has increased its maximum assistance level from $15,000 to $20,000. The Principal Reduction program will help reduce a homeowner's mortgage by as much as $100,000, providing up to half that amount as long as the servicing entity matches it.
For homeowners who complete servicer-approved short sales or deeds in lieu of foreclosure, the Transition Assistance program will provide up to $5,000 in assistance, intended to aid in the homeowner's transition from the prior home.
Overall, the Keep Your Home California program will now also allow owners of more than one home to apply for assistance.
For more info, contact your servicer or the California Housing Finance Agency.
As always, Good luck.
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