HOME EDITION | news From Your REALTOR’ By Marcie Geffner Keep Your Homes, California Who's Ineligible? >> Anyone who did cash- cutrefinance. Who's Providing Help? >> calforia Housing Finance Agency (CalHFA) What Type of Help? >> Upto $50,000 principal reduction >> Upto $15,000 torein- stateamortgage >> Up to $5,000 in reloca Dee rere etry he California Housing Finance ‘Agency has announced s new ‘$700 million program to help California homeowners who are struggling to make their mortgage “Keep Your Home,” offers ies, lump-sum cateh-up ‘money, principal reduction, and relocation assistance for low- and moderate-income homeowners who've experienced a financial hardship, major change in life circumstance, ‘unaffordable inerease in their mortgage ‘payment, or severe decline in their home's value. the gbove describes yoursituation, please consider the program's four components: ‘© Homeowners who've lost their job and are in imminent danger of foreclosure due to short-term financial problems ean obtain a payment subsidy of up to $1,500 or 50 per- cent of their monthly morigage payment, ‘whicheveris less, for as long as six months. + Homeowners who've missed one ormore payments can receive up to $15,000 00 per- cent of the past due amount, whicheveris les, toreinstate the mortgage and prevent afore- closure, The lender, loan servicer, mortgage insurer, and/or borrower must match the catch-up money on a dolar for-dolar bass * Homeowners who have severe negative equity ean receive up to $50,000 to reduce the principal balance on their mortgage to ‘a market level to prevent an avoidable fore- closure and promote sustainable homeown- ership, The money is granted on a matching basis, which means the lender must agree to reduce the principal balance by the same ‘amount ‘> Homeowners who ean afford to keep ‘their home and are willing to cooperate with a participating lender's short sale or deed- of foreclosure program can receive a ‘one-time grant of up to $5,000, paid through the loan servicer, to transition to a more af- fordable residence. “To qualify, you must occupy the home asa primary residence, meet income restrictions based on county and household size, sign @ hhardship affidavit, have enough income to ‘make modified payments, be delinquent orin danger of imminent default, and meet other guidelines. The property must be In Califor nia and eannot be abandoned, vacant, con- ddemned, orin serious disrepai ‘The program is expected to roll out by Now. 1 ¢ ‘Marcie Geffner eure marcegeffnercom) is a freelance realestate reporter and former senior editor of California Real Estate magazine, [ seen aces ] ieee