As part of the federal government’s Hardest Hit Fund, California got the biggest piece of around $1.5 billion dollars when it was announced that they were getting $699.6 million of it.
California is calling the plan that’s going to help most homeowners Keep Your Home, and its intention will be to help as many homeowners who are in danger of losing their homes in them by either helping them to reduce the amount of the payments on their homes or help them catch up, whichever helps them the most. What they’re hoping to do is:
1. Offer up to six months of mortgage payments
2. Help with overdue payments
3. Give financial assistance to people who just can’t afford to stay in their homes any longer
4. Help reduce the amount of mortgages on homes that aren’t worth what they were before the housing crisis hit
Of course there will be qualifications prospects must reach, and that information can be found at the link provided above. As with other states, even this high an amount isn’t going to help turn around the housing industry in California. But any relief is a nice step forward.
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Mitch writes on real estate, finance, and many other things.