From the Sacramento Bee:
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.