Redding Short Sale Team

Keep your Home California may Help Stop Foreclosures in Redding

A new program that is a government funded program to help homeowners who live in California that are having difficulties making their monthly mortgage payment may be helped by Keep Your Home California.

Homeowners in Redding, California may be eligible to received some of the funding to help keep their homes. The government has set aside close to $2 billion dollars in monies for this home preservation program.

What can the funds be used for?

• Unemployment Mortgage Assistance Program

This program allows the borrower to make their home loan payments for a set period of time, while they seek employment. It is an assistance program aimed at helping the unemployed not lose their home to foreclosure while they are looking for a new job.

• Mortgage Reinstatement Assistance Program

The Mortgage reinstatement programs provides assistance to help bring a borrower’s delinquent home loan current. From here the homeowner and loan may be consider for modification to help the owner keep the home.

• Principal Reduction Program

The home loan balance may be reduced in order to stop foreclosures and promote a sustainable monthly home payment.

One last offer will be the

• Transition Assistance Program

which means the homeowner will vacate the home but will get financial assistance to relocate. The owner must stay in the home and maintain until property is transferred. This is help maintain the home, neighborhood and community.

Redding homeowners requirements to qualify for these programs are, but not limited to-

• Occupy the property as their primary residence
• Current unpaid laon balance of first lien cannot be more than $729,750
• Be able to provide a documented hardship
• Mortgage loan may already be delinquent or may become late in the foreseeable future
• Current income levels will not sustain mortgage payments according to your lenders guidelines

For complete information about this and other programs that may help stop foreclosure in Redding California contact the experience team Redding Short Sale Team for Free.

“Workout” mortgage options may be available to Redding Ca Homeowners to avoid Foreclosure.

If you are a home owner in Redding Ca and begin to feel you can no longer make your monthly home loan payment, it is time to contact your lender to discuss some options that may be available to you such as loan modification, short sale, or even deed in lieu of foreclosure.

First and most important, if you can keep paying your mortgage, continue to do so.

Repayment Mortgage

A Repayment option is when the monthly payment is made along with an additional amount to “repay” what was owed. This way the defaulted amount is paid back slowly over time. The homeowner may be able to get reach an agreement with the lender to continue making a monthly payments, in addition to a portion of the past due payments each month until the loan is paid off.

Forbearance

Another option that may work for the lender and borrower is to suspend the monthly payment for a set period of time. Although suspending payments can happen, some lenders choose just to reduce the payment for a set amount of time instead. Either case is considered forbearance on a mortgage and could be worked out between homeowner and lender.

Reinstate the Loan

The lender may also accepting the total amount owed to them in one large payment by a certain date. If the homeowner can show they will be receiving the funds from another source (gift,IRS,settlement..etc.) the bank may see that as an good option to hold off foreclosure and wait for the lump sum. Reinstating and Forbearance often go hand in hand or are combined to workout for the owner and the lender.

If the Redding homeowner has a long term hardship a permanent loan modification may be in order.

Home Affordable Modification Program-HAMP

The federally ran program provides struggling homeowners the chance to modify the home mortgage to make them affordable. The borrower must apply to their lender to see if they qualify.

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Wondering in Redding California if the lender will modify the mortgage