December 13, 2017

How to Save Your Home From Foreclosure in the California Bay Area – Four Government Financing Assistance Programs

Posted by Jason Wheeler | New here? Read our feed

If you are close to losing your home or know someone who is, California has 4 NEW Housing Finance programs that can provide direct assistance to help prevent foreclosure for you and the families you know in the San Francisco Bay Area and all over California.

These programs are offered through the state of California. It is VERY important for homeowners to know about the help that is available for citizens of California. These new housing finance programs are offered strictly to help you save your home from foreclosure and are NOT offered through any retail bank or Mortgage Company. Check out the details below and if you have any questions feel free to get in touch with us.

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4 New California Government Housing Finance Programs

Unemployment Mortgage Assistance Program (UMA) – Provides up to 6 months free mortgage payments for unemployed homeowners. Intended to assist homeowners who have experienced involuntary job loss. UMA provides temporary financial assistance in the form of a mortgage payment subsidy of varying size and term to unemployed homeowners who wish to remain in their homes but are in imminent danger of foreclosure due to short-term financial problems. These funds can provide up to six months of benefits with a monthly payment of up to $3,000 or 100% of the existing total monthly mortgage, whichever is less.

Mortgage Reinstatement Assistance Program (MRAP) – Provides up to $15,000 in mortgage payments for homeowners that have experienced a change in household circumstance which has led to default. Intended to assist homeowners who have fallen behind on their mortgage payments due to a temporary change in a household circumstance. MRAP will provide limited financial assistance in the form of funds to reinstate mortgage loans that are in arrears in order to prevent potential foreclosures. These funds can provide benefits of up to $15,000 per household.

Principal Reduction Program (PRP) – Provides funding to homeowners whose homes are now worth less than their mortgage. Intended to assist homeowners at risk of default because of an economic hardship coupled with a severe decline in the home’s value. PRP will provide capital to reduce outstanding principal balances of qualifying borrowers with negative equity. Principal balances will be reduced in an effort to prevent avoidable foreclosures and promote sustainable home ownership. The principal reduction program will most likely be a prelude to loan modification. (Servicers that contribute through matching funds increase the benefit for homeowners.)

Transition Assistance Program (TAP) – Provides money for relocation costs in the event of a short sale or deed in lieu of foreclosure. Intended to promote community stabilization by providing homeowners with relocation assistance when it is determined that they can no longer afford their home. TAP will be used in conjunction with a servicer-approved short sale or deed-in-lieu of foreclosure program in order to help homeowners transition into stable and affordable housing. Homeowners will be responsible to occupy and maintain the property until the home is sold or returned to the servicer as negotiated. Funds will be available on a one-time only basis.

To find out if you or someone you know is eligible for one of these federally funded programs click here. I encourage you to forward this page to your database and to homeowners facing financial hardships and possible foreclosure..

In stressful financial times like today it is very important that homeowners know about these 4 government financial assistance programs in California. Please share this with your social networks such as Facebook, Twitter and LinkedIn.

These are brand new programs so we are not quite sure how easy they will be to process or if they will even be effective. If you have had experience with one of these programs or if you have something to share, please make a comment and speak your mind in the comments section of this blog post!

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Until Next time Here is to your success! Jason Wheeler

About Jason Wheeler - Real Estate & Lending

Jason Wheeler has been a top producing consultant in real estate and finance since 2003. Originating, conventional, government, portfolio and hard money loans throughout California for one of the top mortgage companies in the nation. Jason works directly with homeowners and purchases homes throughout the Bay Area with the purpose of adding value to older outdated homes. IF YOU LIKE OUR CONTENT GO VIP HERE

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