Great News for homeowners in California! The California Housing Finance Agency has announced a new program set to start in November. They have designated $700 million to help distressed homeowners. The program is called "Keep your Home" and offers payment subsidies, lump-sum catch-up money, principal reduction, and relocation assistance for low and moderate income homeowners with a qualifying circumstance.
Homeowners who have lost their jobs and are in danger of foreclosure can get payment subsidies of up to $1500 or 50% of their mortgage payment, whichever is less, for up to six months.
Missed payments can be made up with up to $15,000 or 50% of the past due amount, whichever is less, to reinstate the mortgage and prevent foreclosure. The mortgage holder must match the lump sum on a dollar-for-dollar basis.
Homeowners with severe negative equity can receive up to $50,000 to reduce the principle balance to market level- this must again be matched dollar-for-dollar from the lender.
Homeowners who can't afford to keep their homes can receive a one-time grant of up to $5,000 for moving assistance.
To qualify for this program, you must occupy the home as your primary residence, meet county income restrictions, sign a hardship affidavit, and have enough income to make modified payments. Homeowners are ineligible if they took a cash-out refinance.
Valerie Leivo is a Realtor with Keller Williams in Santa Rosa. You can reach her at 707-490-5527 or email greenvalerie@kw.com
Monday, September 13, 2010
Tuesday, September 7, 2010
WHY SHORT SELL MY HOUSE??
Or in other words, the ins and outs of HAFA!
The Home Affordable Foreclosure Alternatives Program provides incentives to service providers AND the HOMEOWNER in connection with a short sale or a deed-in-lieu (DIL) of foreclosure. The loan must qualify under the HAMP program initially (borrower is delinquent or in imminent risk of default, property is the primary residence of the owner, and the loan originated on or before Jan. 1, 2009 and is under $729,750). Homeowners MAY receive
1- up to $3,000 for "move-out assistance"
2- release of liability on the first mortgage and payoff of the second mortgage (if any)
3- the ability to buy another home in as little as three years
Often times, a mortgage bank WILL try to help their customers- a home owner's bank should present them with all available options as soon as it becomes apparent that default is immenent.
Benefit #2 is, in my eye,s the most beneficial to the homeowner- the intent is to eliminate the home owner's debt from the mortgage holder (s), allowing the homeowner the ability to move forward into the next phase of life with a clean slate!
You can reach Valerie Leivo at 707-490-5527, email greenvalerie@kw.com.
Valerie is a local REALTOR with Keller Williams Realty in Santa Rosa, CA.
The Home Affordable Foreclosure Alternatives Program provides incentives to service providers AND the HOMEOWNER in connection with a short sale or a deed-in-lieu (DIL) of foreclosure. The loan must qualify under the HAMP program initially (borrower is delinquent or in imminent risk of default, property is the primary residence of the owner, and the loan originated on or before Jan. 1, 2009 and is under $729,750). Homeowners MAY receive
1- up to $3,000 for "move-out assistance"
2- release of liability on the first mortgage and payoff of the second mortgage (if any)
3- the ability to buy another home in as little as three years
Often times, a mortgage bank WILL try to help their customers- a home owner's bank should present them with all available options as soon as it becomes apparent that default is immenent.
Benefit #2 is, in my eye,s the most beneficial to the homeowner- the intent is to eliminate the home owner's debt from the mortgage holder (s), allowing the homeowner the ability to move forward into the next phase of life with a clean slate!
You can reach Valerie Leivo at 707-490-5527, email greenvalerie@kw.com.
Valerie is a local REALTOR with Keller Williams Realty in Santa Rosa, CA.
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