In an effort to aid residents suffering from the current housing crisis, the California Housing Finance Agency (CalHFA) has developed Keep Your Home California. Keep Your Home California is a combination of four programs that help low- or moderate-income California homeowners pay their mortgages and avoid foreclosure, or transition to new housing when foreclosure is unavoidable.

THE PROGRAMS ARE:
Unemployment Mortgage Assistance Program aids unemployed homeowners who are in imminent danger of defaulting on their home loans;

Mortgage Reinstatement Assistance Program helps homeowners who have fallen behind on their mortgage payments due to a temporary change in household finances;

Principal Reduction Program provides lender-matched funds to reduce the principal owed on a mortgage for homeowners who are facing a serious financial hardship, are at risk of default, and owe significantly more than the home is worth;

Transition Assistance Program promotes community stabilization through financial assistance for Californians can no longer afford their home and need help transitioning to new housing after losing their home through a short sale or deed-in-lieu of foreclosure program.

To be eligible for these programs, homeowners must be experiencing a financial hardship that puts them at risk of default due to changes in household circumstance such as a death in the family, illness, disability, unemployment or loss of income.

OTHER REQUIREMENTS INCLUDE:
The mortgage is the first lien loan. The current, unpaid principal balance does not exceed $729,750. The property is not abandoned, vacant or condemned. The property is owner-occupied, the borrower’s principal residence, and located in California.

For more information, including a list of participating servicers and an eligibility calculator,visit KeepYourHomeCalifornia.com. You can also speak with a Keep Your Home California counselor who will help determine your eligibility by calling 888.954.KEEP(5337).