From the Sacramento Bee:
Struggling California homeowners will have to wait longer before starting the $1.83 billion government aid program that will pay down loan balances and provide monthly cash assistance.
The “Keep Your Home California” program was supposed to begin Monday. But it’s been delayed because of logistical issues, according to officials with the California Housing Finance Agency.
The agency said the program will start on a limited basis in a few weeks and expand from there.
Funded with federal dollars, the program offers four different types of cash assistance for an estimated 100,000 low- to moderate-income California homeowners. Richardson said eligible borrowers had to have endured some sort of “loss of income issue.”
The two main forms of aid: $875 million for unemployed Californians who need help making their monthly payments, plus $790 million to directly reduce mortgage loan balances.
Smaller amounts will be made available for helping homeowners who have temporarily fallen behind on their payments. In addition, there will be cash for borrowers who are going to lose their homes to foreclosure or short sale and need help finding a new place to live.
The maximum amount of aid per household is $50,000.
News of the delay was a disappointment to Vicky Miller, a struggling homeowner in Fair Oaks, who said she thinks the state could have moved more quickly.
“I’m waiting to apply,” said Miller.
People should live a lifestyle their income can support or gtfo.
Color me lactose intolerant.
welfare for homeowners, just what we need.
I didn’t see any assistance for renters mentioned anywhere in this article, perhaps I missed it.
It is time to get people who have missed payments OUT of the lender’s homes. NOW!
“…who have temporarily fallen behind on their payments” Won’t this be like throwing gas on the fire? Watch the number of delinquencies increase exponentially after this legislation takes effect.
TL- that’s called Section 8.
JtR, this isn’t the same federal program being discussed recently in which the recipients would get up to $50,000 for mortgage payments–and if they stay in the home for 5 more years–they don’t have to pay it back, is it?
The First Time Homebuyers’ Program last April was cheese, but this new program? Well, it’s cheese fondue on a massive scale…
That just makes me angry. We are saving for years in our tiny little rental here to finally buy our first home and now there are hand-outs for people who bought houses that they couldn’t afford. Big ‘Boo’ from our household!
I’d be more sympathetic toward aid designed to help people who have suffered a “loss of income issue” but tightened their belts to avoid missing payments…
CA is unbelievable. I love how generous they can be in Sac with other people’s money….and the lowest credit rating of any State…..solid work.
Let’s see if the state will go into Bankruptcy faster with our new governor.
@Susie: “cheese fondue”…I LOL’d.
This is getting out of hand. Why are we rewarding deadbeats?
It’s not even worth trying anymore. Once you get a house you can live in it for free and be given money from the state while you’re scamming the system.