Have you heard about the federal program established to help certain individuals and families keep their homes in the midst of financial crisis? The program is in place in California, and, by its own claims, has helped over 700 families stay in their homes.
It's called Keep Your Home California, and it's a rescue program meant to "help California homeowners struggling to pay their mortgages. California has received nearly $2 billion in federal funding and is working with housing counselors, servicers and housing advocates to provide assistance that will help prevent avoidable foreclosures and keep Californians in their homes."
You don't even have to be behind on your mortgage payment to be a participant. Any California homeowner who meets the eligibility requirements can qualify. And just what are those requirements?, you ask:
General homeowner eligibility requirements for these programs include, but not limited to, the following:
- Own and occupy home as their primary residence
- Current unpaid principal balance of first mortgage cannot exceed $729,750
- Meet low and moderate area income limits
- Complete and sign a Hardship Affidavit to document reason for hardship
- Mortgage loan is delinquent or in imminent default
- Adequate income to sustain modified mortgage payments according to participating servicer guidelines
If this program is one that can benefit you or someone you know, please pass this post along. More information abou Keep Your Home California at their website.