Mortgage

California Mortgage Relief Program Accepting Applications

California Mortgage Relief Program Accepting Applications
Written by Publishing Team

Sacramento, California – (work wire) — California homeowners who have defaulted on home payments can now apply for a grant to make missed mortgage payments or reverse their mortgage payments during the COVID-19 pandemic. Information about eligibility requirements and how to apply is available on CaMortgageRelief.org.

“Californs have made incredible sacrifices throughout the pandemic — some delaying mortgage payments through no fault of their own,” said California Governor Gavin Newsom. We intervened early to prevent foreclosures, but that debt hasn’t gone away. Now, California is here to help. Maintaining family housing consistently remains an important public health measure, and with today’s announcement, we are helping them preserve their rooftops.”

The California Mortgage Relief Program will cover past due mortgage payments in full as a one-time grant — a maximum of $80,000 per household — with a payment directly to the homeowner’s mortgage officer. The program is free and no payment is required.

“The announcement of the California Real Estate Relief Program is welcome news for homeowners who are anxiously awaiting this crucial assistance,” said Lourdes M. Castro Ramírez, secretary of the California Agency for Business, Consumer Services, and Housing. “As part of the Housing Is Key initiative, this program assembles a comprehensive suite of housing assistance programs serving a wide area of ​​California, including assistance with unoccupied and rental assistance for the many affected by this pandemic. Homeowners should not delay in visiting the site To start “.

With a service for low-to-middle-income homeowners in California, applicants must have missed at least two mortgage payments prior to launching this program and their household income must be at or below 100% of median income in their area, based on the U.S. Department of Housing and Urban Development Assistance Fund income limits for 2021. Applicants must own a permanently installed single-family home, apartment, or manufactured home in California and have experienced financial difficulties associated with the pandemic after January 21 2020.

“After electing President Biden and securing Democratic control of the House and Senate, I was able to secure $10 billion in a US bailout to create a national fund to help homeowners stay stable during these difficult times,” Congresswoman Maxine said. Waters. “This money will help Californians fully recover their mortgages and avoid foreclosures to stay in their homes consistently. I am very pleased that California received more than $1 billion in this funding and is starting to help homeowners launch the state’s program today.”

In addition, applicants must either receive public assistance, and bear a severe housing burden (Mortgage costs, property taxes, and other housing expenses are more than 40% of your income(or have been denied an alternative mortgage exercise)loan modification) by the mortgage server.

“We encourage anyone who has defaulted on their mortgage payments in the past two years to see if they qualify for compensation for missed payments,” said Tina Johnson-Hall, executive director of the California Housing Finance Agency. “The California Real Estate Relief Program is open to homeowners even if they receive government assistance from other COVID-19 programs, such as the CARES Act, the Consolidated Appropriations Act of 2021, or the U.S. Bailout Act.”

Early in the pandemic, the California Department of Financial Protection and Innovation (DFPI), which regulates many mortgage service providers, encouraged licensees to participate in the California Mortgage Relief Program. DFPI continues to work with servants to ensure homeowners have payment options and understand their rights.

“No homeowner should be in trouble for the effects of the COVID-19 pandemic,” said DFPI Commissioner Clothild in Hewlett. “Our efforts serve as a national model for how regulators can work with licensees and state partners to create tangible relief for homeowners.”

The American Bailout Act Homeowners Assistance Fund provides all states with significant mortgage relief funds. $1 billion will be disbursed to eligible homeowners until the funds are fully allocated, with an expected end date of 2025. While there is no strict application deadline, homeowners in need should apply as soon as possible.

Interested applicants can visit the program website at CaMortgageRelief.org to review eligibility information and apply through the online portal. A detailed description of the terms of the California program, as approved by the US Treasury, can be found here.

Applicants will need to upload documents to determine eligibility, which may include mortgage statements, bank statements, utility bills, and income documents (such as payrolls, tax returns, or unemployment documents). The application process can be completed in less than 30 minutes once applicants have collected all the required documents and information.

With the goal of finding the best outcome for all California homeowners, a key element of the program is the encouragement to call the Homeowner’s Mortgage Service or a HUD-Certified Housing Adviser at 1-800-569-4287.

The California Mortgage Relief Program is operated by CalHFA Homeowner Relief Corporation (CalHRC), a special purpose subsidiary of the California Housing Finance Agency (CalHFA). CalHRC is designated as the agency to disburse California Homeowners Assistance Fund (HAF) benefits into the US Bailout Act, according to a state plan approved by the US Treasury.

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