Keep Your Home California Offers Unemployment Mortgage Assistance
Unemployed homeowners concerned about the federal extension of unemployment benefits ending soon may soon receive a safety net from Keep Your Home California. With so much of the attention focused on the “fiscal cliff” the state managed Keep Your Home California program urges homeowners to apply immediately for the Unemployment Mortgage Assistance Program, which provides as much as $3,000 per month for up to nine months in mortgage payments.
Many of the homeowners who have fallen behind in their mortgage payments have done so because they cannot find secure employment. Keep Your Home California will continue to make mortgage payments for out-of-work homeowners approved and enrolled in the program, regardless of whether federal extension benefits are extended into 2013.
Some of the guidelines for homeowner benefits from Keep Your Home California remain strict. For the unemployment benefits homeowners need to be eligible for unemployment benefits when they go through the counseling portion of the Keep Your Home California application process, and must have a mortgage payment that exceeds 31% of their income.
To be eligible for the mortgage assistance, homeowners must be experiencing a serious economic hardship, meet county-by-county income limits, and their mortgage servicer must participate in the Unemployment Mortgage Assistance
Mortgage Reinstatement Assistance Program Offers Up To $25,000
The Mortgage Reinstatement Assistance Program offers as much as $25,000 to help struggling homeowners catch up on their payments. The program can offer a maximum of $100,000 from the Principal Reduction Program to help economically distressed homeowners with their underwater mortgages.
In addition, the Transition Assistance Program provides up to $5,000 to financially strapped homeowners who have agreed to move from their home as part of a short sale with their mortgage servicer.