California homeowners may have additional mortgage assistance through the California Housing Finance Agency, who is set to implement a mortgage assistance plan available after November 1, 2010 called the Keep Your Home Program. Reportedly, according to the program’s website, homeowners may have opportunities for principal reductions, unemployment assistance, and traditional modification-like programs which could help them make their home more affordable.
Homeowners in California have been able to take advantage of traditional home loan modification programs from a variety of mortgage servicers, but this initiative is hoped to help homeowners specifically in California who have been hit hard by various economic and financial difficulties and now face the possibility of foreclosure.
While there is likely to be more information on these upcoming programs, unemployment mortgage assistance, there are reported to be principal reduction offers and plans which aid homeowners who have fallen behind on their mortgage payments, meaning they are delinquent, through plans implemented by this Keep Your Home Program.
Obviously, these assistance plans have the potential to be greatly beneficial to homeowners in California who may have suffered setbacks due to unemployment, a loss in their home’s value, or who may have simply gotten behind on their mortgage due to other financial difficulties.
Despite the fact that similar programs from the Obama Administration have come under fire and many mortgage servicers who were charged with implementing these assistance programs have been criticized as well, there has been some success in these types of programs from the Making Home Affordable initiative and it is hoped that homeowners who are working with the California Housing Finance Agency will be able to see positive results by avoiding the loss of their home through these mortgage assistance opportunities.