3 Tips for Unemployed Home Owners

Yesteday more help for homeowners struggling with unemployment was announced.

Two new programs are coming to your aid.  The first is the Housing Finance Agency Innovation Fund for the Hardest Hit Housing Markets and the soon-to-be-launched U.S. Dept. of Housing and Urban Development Emergency Homeowners Loan Program. 

With the hardest hit program, California will receive an additional $476 million to help you if you are having problems with your San Diego real estate and making your mortgage payments.  This is, apparently different than the Keep Your Home California program of $600 million.

This is some speedy aid, they anticipate having this program up and running in the next two weeks.

The Emergency Homeowners Loan Program will provide assistance to homeowners by offering eligible borrowers a declining balance, deferred payment “bridge loan” (zero percent interest, non-recourse, subordinate loan) for up to $50K to help with payments on your mortgage principal, interest, insurance, taxes, and hazard insurance for up to 24 months.

There are obviously some criteria that you have to fit to qualify for the program, here are some tips below:

• Proof that you are involuntarily unemployed, underemployed, or have a medical condition.
• The property has to be your principal residence
• You must demonstrate a good payment record prior to your unemployment

There will be target areas taken into consideration, but all things considered, if this program comes through, it will be speedy help for homeowners.

The good news is that now that the homebuyers have been given some assistance, we can now see some help offered to sellers.