Homeowner Relief Program Expansion on the Horizon in California

In an effort to reach more struggling homeowners, California is relaxing eligibility restrictions and increasing the amount of assistance provided by its Keep Your Home California (KYHC) homeowner relief program[1]. The program is funded by $2 billion from the federal government via the California Housing Finance Agency (CHFA). So far, KYHC has helped about 8,000 homeowners and hopes that by allowing unemployed homeowners to receive up to $3,000 a month and capping assistance amounts at $20,000 (up from $15,000), more will be reached. Additionally, homeowners who own more than one property may now apply for assistance through the program, and transition assistance for those completing short sales and deed-in-lieu transactions has been raised to $5,000.

KYHC encompasses four assistance programs:

  • Unemployment Mortgage Assistance
  • Mortgage Reinstatement Assistance
  • Principal Reduction
  • Transition Assistance[2]

Monies for the program were provided by the U.S. Treasury Hardest Hit Fund.

Do you think that expanding these programs will help homeowners on a large scale?

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[1] http://www.dsnews.com/articles/california-expands-its-homeowner-relief-program-2011-11-14

[2] http://www.huliq.com/4745/california-programs-help-home-owners-avoid-foreclosure-expanded

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