A $2 billion California state program to assist distressed homeowners said it has increased benefits and expanded eligibility to reach more people struggling to make their mortgage payments. Notable changes to the program include:
- Relaxing some restrictions on who qualifies.
- Extending the length of time out-of-work homeowners can receive assistance on their home loans from six months to nine months
- Increased the maximum funding for the state’s mortgage reinstatement program from $15,000 to $20,000.
- Providing a one-time funding for homeowners who have fallen behind their payments due to financial hardship.
Keep Your Home California has assisted more than 7,000 homeowners statewide and has provided more than $128 million in benefits, or roughly $18,000 per homeowner since its launch in February. The state has until 2017 to spend the stimulus money or else it goes back to the federal government.
For more information about the program, go to www.keepyourhomecalifornia.org.