June 2011
CalHFA MAC
CALHFA Mortgage Assistance Corporation

ANNOUNCES:  “Keep Your Home California” Program

“Keep Your Home California” is a $2 billion, federally funded effort to help California families struggling to pay their mortgages through four different programs.  Each of the programs are designed specifically for low or moderate income homeowners who are either unemployed or are facing another financial hardship, have fallen behind on their mortgages and owe significantly more than the value of their homes.

Specifically, the Keep Your Home California programs provide:

• Mortgage assistance of up to $3,000 per month for unemployed homeowners who are in imminent danger of defaulting on their home loans;
• Funds to help homeowners who have fallen behind on their mortgage payments due to a temporary change in a household circumstance.  The program will provide up to $15,000 per household to reinstate mortgages to prevent foreclosures;
• Funds to reduce the principal owned on a mortgage for a home where the homeowner is facing a serious financial hardship and owes significantly more than the home is worth.  This program requires lenders to match any assistance provided for principal reduction; and
• Transition assistance to help borrowers relocate to new housing situation after executing a short sale or deed-in-lieu of foreclosure program.

For more information on “Keep Your Home California”, a link to the CalHFA MAC, “Keep Your Home CA.” webpage, has been provided on the city’s website under “Services (Links)”, “Housing”, and “Housing Programs”.  If you have questions or would like additional information, please do not hesitate to contact CalHFA directly at 916-326-8082.  Thank you.