California homeowners, who have been hard hit by unemployment and housing difficulties, may have specific mortgage assistance options from the California Housing Finance Agency. A program, called Keep Your Home, is set to offer numerous mortgage assistance plans for homeowners who may be struggling with various mortgage difficulties.
The Making Home Affordable Program has had numerous plans in place which could benefit homeowners in certain conditions, but there are some homeowners who may be unable to take advantage of these plans or who simply may not benefit from a modification from the Obama Administration’s program.
While this program is not set to begin until November, homeowners are already researching what may be offered through the California Housing Finance Agency assistance initiatives, as homeowners are in various stages of mortgage difficulty. For instance, some homeowners may be suffering due to unemployment, while others may have trouble meeting their monthly mortgage payment because of an underwater mortgage.
Some of these programs mirror the Making Home Affordable Program, but again, can specifically help California homeowners. There are reports that unemployment mortgage assistance plans may be offered to homeowners through this program, which will aid homeowners who have lost their job and are in danger of foreclosure aid for a set period of time, which will be used to make mortgage payments.
Also, there are proposed principal reduction plans for homeowners who may be underwater, and could allow homeowners who are struggling to not only see a reduction in their mortgage principal, but also a modification in order to make their mortgage payments more affordable.
While underwater mortgage assistance and unemployed homeowner assistance plans are available from other sources, California residents can have their specific needs met through this program, if they qualify. Yet, homeowners who may be unable to afford their home despite assistance plans which may be offered, an assistance program to aid homeowners with relocation has also been proposed in cases where homeowners may use a short sale or deed in lieu of foreclosure program.
Housing difficulties are being faced in states across the nation, but in areas which are particularly hard hit like California, it’s hoped that these state-specific mortgage assistance plans can do more to assist homeowners in their foreclosure prevention efforts by offering more affordable home loan payments at the present time.