How to Get the Money From the "Keep Your Home California" Program

As with any financial program, there are always caveats to the eligibility to receive the money and it is no different here with the Keep Your Home California program which offers $2 Billion in aid to homeowners.

Each state that is participating in this program (California is one of them) can design its own program.  For California there are four programs.

The first and biggest is the Unemployment Morgage Assistance program.  It began taking applications Jan. 10.  Borrowers must meet lots of requirements.  They must be receiving unemployment bnefits, can’t make too much money and are disqualified if they refinanced their home and took cash out or took out a second mortgage after they bought the house.

The issue is that the banks must accept the program….which they have….however they will not accept partial payments.

So, this means that if your monthly mortgage payment is $3,100.00.  The bank will not accept the maximum amount of $3,000.00 from the state of CA and $100.00 from you.  It is too much work to collect two checks so they would rather have you miss the payment.

Crazy?

Yes, but true.

If someone you know is looking to avoid foreclosure or having difficulties, contact us at [email protected] so we can point them in the right direction.