The so-called “Keep Your Home California program” launched today, aimed at keeping, you guessed it, more Californians in their homes.
The program offers four types of assistance:
Unemployment Mortgage Assistance Program (UMA) – For unemployed homeowners who wish to stay in their homes, this program can provide up to six months of benefits with a monthly benefit of up to $3,000 or 100 percent of the existing total monthly mortgage payment, whichever is less.
Mortgage Reinstatement Assistance Program (MRAP) – This program will provide up to $15,000 per household to reinstate mortgage loans that are in arrears due to a temporary change in household circumstance, such as active military duty.
Principal Reduction Program (PRP) – This program aims to reduce avoidable foreclosures by providing principal reductions to those who have experienced economic hardship while also being in a negative equity position. Servicers can match funds allocated through the program.
Transition Assistance Program (TAP) – The final option provides funding to those where foreclosure is unavoidable to pay for relocation fees, used in conjuction with a servicer-approved short sale or deed-in-lieu of foreclosure.
Eligiblity is as follows:
- Home must be in California
- You can only own a single property, a primary residence
- First mortgage must be less than or equal to $729,750 (conforming jumbo limit)
- No cash out received on a refinance or home equity line of credit
- Mortgage must have been originated on or before January 1, 2009
Call 888-954-KEEP or visit their website to see if you qualify.
Filed under: Keep Your Home, Mortgage Rates, Keep Your Home Program
