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CALIFORNIA CONGRESSMAN MILLER- Great news – the Obama Administration is announcing today that $476 million in new funds will be made available for the California Housing Finance Agency’s Keep Your Home Program to provide assistance to unemployed homeowners.
This new funding will be added to the funding that was previously announced for the Unemployment Mortgage Assistance portion of Keep Your Home, which is funded by the U.S. Treasury’s Hardest Hit Fund. The combined funds will begin to be made available to individuals in the state in November.
California has received a larger percentage of the Hardest Hit Funds than other states because it has been harder hit by the housing crisis than other states. California already received $700 million for the Keep Your Home Program in addition to the amount announced today, of which $65 million was allocated to Unemployment Mortgage Assistance. With this new injection of funds, over $500 million will be available to help unemployed California homeowners until they can get back on their feet. Over $600 million will also be available for other elements of Keep Your Home, including principal reduction for underwater homeowners and transition assistance for homeowners who conduct short sales rather than go into foreclosure.
As we all know, many people in our community and across our state, through no fault of their own, are still struggling to stay in their homes. While years of recklessness on Wall Street and lax oversight in Washington devastated our economy, we are responding in as many ways as we can to help people stay afloat or get back on their feet.
This new federal assistance will help many people in our community keep paying their bills. We’ve brought our economy back from the brink of collapse, but we’ve got more to do to keep us moving forward—creating jobs in the Bay Area and stemming the tide of foreclosures, and I’m going to keep working on it every day.
The Keep Your Home Program will be available to California homeowners starting on November 1. Assistance will be available through four programs:
-Unemployment Mortgage Assistance, which will provide temporary bridge loans for unemployed homeowners.
-The Mortgage Reinstatement Assistance Program, which will help make homeowners with delinquent loans current
-The Principal Reduction Program, which will allow underwater homeowners to bring the cost of their loans down to market levels
-The Transition Assistance Program, which will provide funds to help homeowners who have conducted a short sale or deed-in-lieu of foreclosure transition to new housing.
For more information about the Keep Your Home Program, you can visit http://keepyourhome.calhfa.ca.gov/.
The article is incomplete. “Anyone who chooses to act lawfully and fight shall become sorely disappointed. Claims will be dismissed and lawyers are unavailable to the public.”
Governmental terms:
RECKLESSNESS- constructive and actual fraud, unfair deceptive lending,
LAX- full knowledge, don’t mind if I do, ownership
DEVASTATED- your screwed, submitted to slavery,
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