San Diego Union-Tribune

The state-run program, “Keep Your Home California,” which helps homeowners struggling to
pay their mortgages now has broader eligibility guidelines. Borrowers who did “cash-out”
refinances and own multiple properties now are eligible for the program, according to California
Housing Finance Agency officials.

Making sense of the story

 To date, Keep Your Home California has helped approximately 8,000 low- and
moderate-income households that are behind on loan payments or close to default.

 There are four parts to the program: Mortgage help for the unemployed, mortgage aid for
homeowners with documented financial hardship, relocation help for those in the midst
of a short sale or deed-in-lieu of foreclosure, and reduction of principal.

 Homeowners who completed “cash-out” mortgage refinancing now are allowed to take
part in the four programs outlined above, and borrowers who own more than one
property also can apply for the program. Previously, these two groups of borrowers
were excluded from participation.

 Mortgage aid to unemployed borrowers also has been extended to nine months, instead
of six. Such homeowners can receive up to $3,000 a month. To qualify, borrowers must
be receiving unemployment benefits.

 Additionally, the program has reinstated up to $20,000 in past-due mortgage payments
instead of the previous $15,000 cap.

 To review qualification guidelines, visit or

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Tags: Conserva tu casa Calfornia, Gina Garcia, GinasHomes, Keep Your Home California, La Mesa Homes, La Mesa Real Estate, Real Estate


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