From HW:
The California Housing Finance Agency said Wednesday it has expanded the eligibility requirements for several Keep Your Home California programs, allowing more distressed homeowners access to $2 billion in funds allotted for foreclosure prevention initiatives.
With the implementation of the changes, federal mortgage assistance of up to $3,000 per month is available to unemployed homeowners who are in danger of losing their properties. In addition, a program that provides funds for mortgage payments tied to financial hardship will offer up to $15,000 per household to reinstate mortgages in danger of foreclosure. Funds also will be provided for relocation expenses when homeowners determine that they cannot stay in their homes.
The Treasury Department approved the changes for the federally supported program. The initiatives impacted by the changes include the unemployment mortgage assistance program, the mortgage reinstatement assistance program and the transition assistance program. The programs now include mortgages originated after Jan. 1, 2009.
“California homeowners have welcomed the assistance provided by Keep Your Home California,” said Steven Spears, executive director of CalHFA. “In the two short months since the launch of these programs, we have collected information that has helped us identify areas of improvement to make the programs more effective, particularly given the continued high level of unemployment in California.“
Through the Dodd-Frank Act, HUD was cleared to establish the $1 billion Emergency Homeowner Loan Program. Through it, unemployed homeowners can receive a $50,000 interest-free loan to assist with their mortgage payments for up to 24 months.
Do they have a program available for people like me who waited to buy and am now having difficulty finding decent inventory in my price range?
I used to be happy that I didn’t buy during the peak but now I wish I had. At least my family would be in a house and not still sitting in an apartment. I highly doubt we would have been foreclosed on.
Woohoo! Free government cheese for lazy deadbeats!
This is so wrong. I am trying to buy and it seems many of the homes are being priced more in line with the outstanding loan balance than the actual value of the home.
Every time the Gov’t. does something so stupid you’d think it couldn’t possibly top it, it proves you wrong!
Looks like the only change to the program is that loans originated after 1/1/09 are now elgible.
There appears to be no change to the servicers who are participating in the program. Only Guild and GMAC have signed on to the principal reduction part of the program.
http://www.keepyourhomecalifornia.org/participating.htm
wait, is this a 50k interest free loan, as in the last paragraph, or a “grant”?
Assistance to unemployed homeowners is one of the few things I don’t really have a problem with, especially if it’s in the form of a loan they’re going to have to pay back eventually. As long as it’s for people who were making their payments before they lost their jobs.
Unfortunately, my guess is that’s not going to be a requirement.
It sounds like there’s two different programs being discussed.
The first sounds like $3000/mo up to a max of $50,000 as a loan to unemployed homeowners.
The other sounds like a one-time $15,000 of mortgage or relocation aid for people with “financial hardship.” Since the amount is different and unemployment is not specified as a requirement, it could be a loan or a grant.
More power to deadbeats. How will an unemployed person pay 50k in loans?
If the program makes any sense, after the unemployed person gets re-employed, they’d pick up making their mortgage payments where they left off, the amount borrowed would be added onto the existing mortgage as a zero-interest second and would be paid off the same as any other second. If the loan is limited to people who were making their payments before becoming unemployed, the odds of eventual repayment would probably be halfway decent because most unemployed people who were not deadbeats before they lost their jobs won’t be after they get jobs again.
Of course this is a government program, so we know what they’ll find a way for it to not make sense.
Don’t be distracted by the details. The whole program, like all of the “struggling homeowner” programs have one paramount goal: SUPPORT THE BANKS.
They don’t give a hoot about the homeowners. The homeowners are mere props.
*Speechless*
Well, I tried to just post the above word, but JtR wouldn’t let me. I got the message: “Your message appears too short”. but my one-word post above is what I really want to say…
http://www.youtube.com/user/JimtheRealtor#p/u/0/YxeaHzh6pro
I love this video, Jim…it’s like a different you. You don’t do these types of videos anymore…this is from March 2007.
funny!
College Joe:
“I love this video, Jim…it’s like a different you. You don’t do these types of videos anymore”
Forget it, Joe. It’s Chinatown.
I think that is the only one (or two) where I was playing Monty Hall.
You probably saw this – it went pending today, listed for $4.9 million:
http://www.ehometours.com/shownFLVEHTours.htm?l=eht&code=CBSD0310111002&a=n&g=y
JtR even had the Price is Right hand motions going, hehe.
Reminds me of Dumb and Dumber…
College Joe,
I love that video too. It reminds of the day I found this site. I watched a video of Jim driving around the parking lot of an empty strip mall and mocking the deceptive signage. I enjoyed it so much I subscribed to the youtube channel and proceeded to watch about 75 or 100 videos from oldest to newest all in one sitting. So, of course that video was probably the second Jtr video I watched. Great stuff, all of it.
Oops, #18 was me. I forgot to fill in the boxes.