Keep Your Home California: Help for Underwater Homeowners

Unaffordable Or Underwater Mortgage? Keep Your Home California Could Help With $100,000 In Mortgage Assistance  

 

California homeowners with unaffordable or underwater mortgages could receive as much as $100,000 in free mortgage assistance from Keep Your Home California, but they are encouraged to apply soon while the federally funded program has program funds remaining

The Principal Reduction Program – the only one of the five Keep Your Home California programs that offers the maximum funding of $100,000 with a single payment – has been expanded to assist more homeowners dealing with unaffordable or underwater mortgages, or in many cases both.

Thousands of homeowners who qualified for the program had the outstanding principal balance on their first mortgage reduced, with many also enjoying lower monthly mortgage payments. Homeowners approved for the program have received an average of $75,000 in principal reduction and a 14% drop in their monthly payment.

“Reducing principal and lowering the monthly payment can make a huge impact for many homeowners, and be the difference between keeping and losing a home,” said Tia Boatman Patterson, Executive Director of the California Housing Finance Agency, the state agency which oversees Keep Your Home California. “Many homeowners who are struggling with their mortgage payments could receive the help they need from the Principal Reduction Program, providing them with a long-term, sustainable solution.”

 

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