With the recent announcement by the California Housing Finance Agency (CalHFA) that it is expanding the eligibility requirements for three programs designed to help distressed homeowners, those who tapped into their home equity or took out loans after 2008, may now qualify for three programs aimed at helping families at risk of losing their homes. CalHFA is expanding the eligibility requirements as follows for three of four programs it has to help homeowners:
- The Unemployment Mortgage Assistance Program (UMA), which provides a mortgage payment subsidy of up to $3,000 a month for six months for unemployed homeowners in imminent danger of foreclosure.
- The Mortgage Reinstatement Assistance Program (MRAP), which provides up to $15,000 per household for homeowners who have fallen behind on their mortgage payments due to a temporary change in household circumstance.
- The Transition Assistance Program, which provides relocation assistance in conjunction with a short sale or deed-in-lieu of foreclosure.
If you need help and think you may now be eligible for one of CalHFA’s programs under the new eligibility requirements, simply contact the Keep Your Home California call center at (888) 954-5337.
Borrowers must own and occupy the home as their primary residence, meet income limits and face a documented financial hardship to qualify for any of the four programs. The following loan servicers participate in all four programs: GMAC, Guild Mortgage, CalHFA and California Department of Veterans Affairs. Bank of America, JPMorgan Chase, CitiMortgage and Wells Fargo participate in some, but not all of the programs, so check with CalFHA to check eligibility.
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