State mortgage assistance plans are becoming more popular as funding from the Obama Administration has allowed housing agencies in specific states to begin offering various mortgage assistance programs to homeowners. One of these programs, which has become more popular over the past weeks, is the California Keep Your Home assistance plan.
While numerous state housing agencies have implemented similar mortgage assistance plans, the California Housing Finance Agency is hoped to provide unemployment mortgage assistance for homeowners, principal reduction programs, mortgage reinstatement assistance, and funding to help homeowners transition from their home when foreclosure is inevitable.
Homeowners who have struggled to meet their payments on their mortgage in California have had this problem, like other homeowners across the nation, due in part to factors like unemployment or the loss in one’s property value. Obviously, unemployment has been a major problem across the country and has been one of the main factors that has caused housing trouble on such a wide scale.
California was on of the states particularly hard hit and continues to see difficulties in their economy and housing market. For this reason, funding was granted from the federal government in order to implement mortgage assistance programs. While homeowners may benefit from these unemployment assistance plans or aid to help homeowners who are behind on their mortgage, there are those who feel that such initiatives will only be helpful in the long run if economic conditions can begin to improve drastically over the coming months.
Yet, California homeowners who may need assistance at the present time in order to avoid defaulting or losing their home are being prompted to contact their state’s housing agency or consult the Keep Your Home website for program dates, qualifications, and available assistance plans.