The California Housing Finance Agency will use nearly $2 billion in federal funds for four programs to help families avoid foreclosure.
The "Keep Your Home California" programs are for those struggling to pay mortgages. To be eligible in Stanislaus County, homeowners must earn less than $71,400 per year, document a financial hardship (such as loss of employment), be delinquent on their principal residence's first mortgage, owe more than their home is worth, but less than $729,750, and meet other requirements.
The programs provide mortgage assistance of up to $3,000 per month for unemployed homeowners in imminent danger of defaulting on their home loans. Some homeowners may receive up to $15,000 to reinstate mortgages to prevent foreclosures. There also are funds to reduce the principal owed on a mortgage for homeowners facing a serious financial hardship.
No comments:
Post a Comment