Loan Advice from Dana

Good news for California homeowners that are struggling to make their mortgage payments.  The federally funded state program, Keep Your Home California, has relaxed many of its restrictions. 

The program has $2 billion in federal funds to assist California homeowners that are having trouble making house payments.  8,000 homeowners have already received assistance, using only $150 million of the allotted $2 billion.

The new relaxed standards for the program include:

• Dropping a rule that excluded homeowners who had taken cash out of a previous refinanced loan.
• Allowing assistance to families with additional property.
• Extending the benefit for unemployed homeowners from 6-9 months.
• Maximum allowance of $3,000 a month.
• Up to $20,000 in funds to catch up on mortgage payments.
• And up to $50,000* in principal reduction to lower the amount owed on mortgages.

*Mortgage servicers are required to make matching contributions, about 50 servicers, covering 85% of mortgages in California are participating

For more information call 888-954-KEEP (5337) or

visit www.keepyourhomecalifornia.org/