Keep Your Home California adds mortgage servicers

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Mortgage assistance program Keep Your Home California now has more than 100 mortgage servicers participating in the program, offering ways for distressed homeowners to stay in their homes.

Melissa Wiese, Sacramento Business Journal

Mortgage assistance program Keep Your Home California now has more than 100 mortgage servicers participating in the program, offering ways for distressed homeowners to stay in their homes.

By adding more servicers, the federally funded program can help more homeowners in the state struggling to pay their mortgages because of financial hardships, according to a news release from Keep Your Home California.

Homeowners can be eligible for help through four programs, though not all of the 101 mortgage servicers participate in all four.

The programs include help in case of job loss, help catching up on past payments due to hardship, principal reduction and transition assistance, in cases where the homeowner needs help relocating when they can?t keep their home.

Homeowners have to meet criteria to be eligible, including still living in the home, showing hardship and owing less than $729,750 on a first mortgage. There are also income requirements.

Participating institutions range from Bank of America, Chase Home Finance, CitiMortgage and Wells Fargo, along with credit unions.

?Mortgage servicers are definitely a key to the success of the program,? Claudia Cappio, executive director of the California Housing Finance Agency, said in a news release. ?We?re very pleased that so many servicers have joined the program and are willing to take steps to help homeowners, their communities and the state recover from the downturn in the economy.?

Many institutions do not necessarily start in the program offering all types of help; many may start offering unemployment help but may expand participation later, Cappio said.

Source: http://feedproxy.google.com/~r/vertical_54/~3/YaSkVVJ4A28/keep-your-home-california-adds.html

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