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.