Mortgage Aid Program for Jobless Begins
The California Housing Finance Agency is taking applications for a federally funded program to give unemployed homeowners up to $18K split over 6 months to pay their mortgage.
If you or someone you know needs a little light at the end of the tunnel and is unemployed, here are the requirements.
- You must be receiving unemployment benefits, but you cannot be within 90 days of exhausting them.
- Your income must be 120 percent of less of the median income for a family in your county.
- Your loan must have originatoed on or before Jan 1 2009 for no more than $729,750
- You must be delinquent or at risk of being delinquent but not more than three months past due
- No refinancing unless to get a lower rate
- No HELOCs
The assistance will be structured as non-recourse, non-interest-bearing lien against the property that is forgiven after three years. Make sure that you want to stay in your home for three years or you will have to pay it back.
If you or someone you know has questions on this or on San Diego real estate, contact us at sandiegorealestatecafe@gmail.com and we will point them in the right direction.
