November 18th, 2011 2:04 PM by Uletas Greene Carter
California has four great programs that are currently helping distressed homeowners. These programs offer money to people who are unemployed, need to move after a short sale, need to catch up on payments, and the most requested program "Principal Reduction".
1. Unemployment Mortgage Assistance offers mortgage aid to unemployed borrowers for nine months instead of six. Such homeowners can get up to $3,000 a month not to exceed $27,000. This program was launched January 2011 and expires December 31, 2017. For information on this program click here http://keepyourhomecalifornia.org/uma.htm
2. Mortgage Reinstatement Program helps homeowners who have fallen behind in payments. This one time payment can be up to $20,000 to cover past due mortgage payments and HOA dues. This program was launched February 7, 2011 and expires December 31, 2011. More information click here http://keepyourhomecalifornia.org/mrap.htm
3. Transition Assistance Program is for people who need help relocating after a short sale or deed-in-lieu of foreclosure. It provides up to $5,000 in assistance. This program was launched February 2011 and will continue for three years or until funds run out. For more information, click here: http://keepyourhomecalifornia.org/tap.htm
4. The Principal Reduction Program is designed for families with serious hardship and with a severe decline in property values! Homeowners who qualify for this program could receive up to $50,000 and this program requires your servicer to match it, possibly giving you up to $100,000 in principal reduction. This program was launched February, 2011 and expires December 31, 2017. For information click here, http://keepyourhomecalifornia.org/prp.htm.
To see if your mortgage servicer participates in "Keep Your Home California" click here www.keepyourhomecalifornia.org
There's a program out there for almost every situation. I'll keep finding them. In the meantime, thanks for reading and if you know of anyone who is thinking of buying or selling real estate, please give me a call. I'm here to help! 213-804-3369.