| Buyers & Sellers |
‘Keep Your Home California' Makes Changes to Reduction Program
Keep Your Home California recently announced changes to the free mortgage-assistance program in order to help more financially strapped low- to moderate-income homeowners.
Now, homeowners with a qualifying hardship and an unaffordable mortgage payment—greater than 38% of a family's household gross income—could qualify for the Principal Reduction Program. The Principal Reduction Program offers as much as $100,000 in principal reduction and often lowers the monthly mortgage payment by hundreds of dollars, making the mortgage more affordable for families.
And the Mortgage Reinstatement Assistance Program, which allows homeowners to catch-up on their mortgage payments, has been increased from $25,000 to $54,000. The program will help more homeowners who have fallen behind on their payments.
