There have been plans from the Hardest Hit Program which have not been fully implemented in various states that received these funds, but for unemployed and underwater homeowners in California, the Keep Your Home assistance program is said to be fully up and running and, at the present time, may be able to offer homeowners more assistance through the state-specific initiatives to prevent foreclosure and aid homeowners who are in distress. California is one of the states that has been particularly hurt by economic downturns and housing troubles, but it’s hoped that these Hardest Hit Programs will provide the assistance that homeowners need to avoid further foreclosures and difficulties related to unemployment.
The California Keep Your Home Program can offer assistance to homeowners through and unemployment assistance program, through a mortgage payment subsidy in cases where homeowners may need short-term mortgage assistance due to job loss that may put them in a position where they lose their home. Obviously, unemployment is a major factor that has caused hardships in the lives of many homeowners, but many state programs are hoped to address these issues by offering mortgage payment assistance plans to individuals who are seeking employment.
Also, homeowners who have fallen behind on their mortgage payment may also find aid through a reinstatement program that will bring a homeowner’s delinquent mortgage current, as meeting costs for some homeowners when their mortgage payment has fallen behind is the cause of financial strain that eventually leads to more missed payments or foreclosure.
There are also proposals for principal reduction programs and even a transition assistance plan within the Keep Your Home Program there are also hoped to provide affordability to homeowners in particular situations. Underwater home loans have been incredibly difficult for homeowners to overcome as there are reportedly increases in the number of negative equity situations across the nation and, as a result, there are those who are at risk of losing their home because of a severe decline in their property value. While many homeowners have asked for principal reduction solutions, this program from the California Hardest Hit Fund will probably only help homeowners who are in a situation where foreclosure may be close at hand, but is also avoidable through this assistance program.
Yet, homeowners who are simply unable to qualify from some form of foreclosure prevention assistance may also be able to qualify for funds that will allow them to relocate without sustaining hardship in their personal financial life as many homeowners who may qualify for a short sale or deed in lieu of foreclosure plan may still be unable to pay for costs like moving expenses or security deposits on apartments or rental homes.
While there are numerous states that can use funds from the Hardest Hit Program to assist homeowners, these programs are specifically tailored for California homeowners and, for those who qualify, this initiative has been reportedly fully implemented to provide the maximum amount of aid to homeowners in distress in the hopes of stabilizing the housing market and preventing unnecessary foreclosures.