Keep your home California

Principal relief for stressed homeowners
A limited number of underwater homeowners in California will soon be able to get principal reductions of up to $100,000 apiece on Fannie Mae and Freddie Mac loans through the federally funded Keep Your Home California program


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  • The California Housing Finance Agency set up four programs under the Keep Your Home name to distribute California's Share of the funds -- $1.9 billion.  It allocated $772 million to principal reduction – enough to help an estimated 9,000 borrowers.

     
  • To qualify for the principal reduction in California, homeowners must live in the home, owe more than it is worth, be of low-to-moderate income, and be delinquent or have some hardship that puts them in imminent risk of default.

     
  • The balance on the first mortgage cannot exceed $729,750.  Other rules apply, but there is no asset limitation.  The maximum reduction is $100,000 per homeowner.

     
  • For more information on the Keep Your Home programs, visithttp://keepyourhomecalifornia.org/.
  • November 06 2012 - US
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