The state-run Keep Your Home California program is making some changes that will hopefully allow more underwater homeowners in Fresno and other communities qualify for a principal mortgage reduction.
Homeowners no longer have to show a hardship in addition to being underwater on their mortgage to apply for the program. Now, homeowners just have to show that they owe more than 40% of the value of their home.
“Although the housing market has improved dramatically over the last few months, there are still areas of the state where home prices are not rebounding as quickly, and many homeowners in those areas have exhausted all of their resources just trying to hold on until that recovery reaches them,” said Claudia Cappio, executive director of the California Housing Finance Agency which oversees Keep Your Home California.
The $2 billion program was created in February 2011 to help low- and moderate-income homeowners who suffered a financial hardship such as a job loss, cut in pay, extraordinary medical bills or a divorce.
In addition to principal reduction help, Keep Your Home California also has an unemployment assistance program, a mortgage reinstatement assistance program and a transition assistance program.
For more information, visit Keep Your Home California or call (888) 954-5337.
This will be my last blog post on this site. Follow me to The Fresno Bee website, fresnobee.com/real-estate-blog, for future real estate and business news. See you there!