A statewide partnership with the goal of helping struggling homeowners stay in their homes, Keep Your Home California, recently issued a reminder to homeowners that their Principal Reduction Program allows qualified applicants to have possible access up to $100,000 in mortgage principal reductions.
Those with underwater mortgages with a loan-to-value ratio of 120% or greater are also prime candidates for the Principal Reduction Program.
In order to qualify for this program you would need to meet the minimum requirements listed below:
– Being serviced by a participating lender
– Meeting county income limits
– Facing financial hardships such as unemployment, divorce, death, medical emergencies, or other disasters that led to losses of ones income.
– Knowing the current value of the home marked for a principal reduction
– and living in an underwater home
“California was one of the hardest hit states during the financial crisis which impacted the housing market, from the number of foreclosures to the loss of equity, and Keep Your Home California is playing a major role in getting homeowners, and the state, back on their feet,” said Tia Boatman-Patterson, Executive Director of the California Housing Finance Agency, which oversees Keep Your Home California.
If you would like to learn more about this or other opportunities from the Californian organization, call 888-954-KEEP (5337) or you can visit www.ConservaTuCasaCalifornia.org if you are a Spanish speaking homeowner.
Source: Keep Your Home California