California Mortgage Aid Program Gains More Lender Support
Over 30 new lenders have joined the program since June
Posted on January 19, 2012 by Matt.
Due to the high number of mortgage delinquencies and defaults in the state of California, the Keep Your Home California program was launched to aid low and moderate-income homeowners with loan difficulties. As of June 2011, there were 20 lenders participating in the program that has about $2 billion in aid that will help borrowers save their homes by working on their loans. There are four sub-areas to the program, including mortgage reinstatement assistance for borrowers in default; unemployment mortgage assistance; a transition assistance program; and the decrease of a borrower's principal owed on their home loan.
According to a recent article in the San Diego Union-Tribune ("More lenders added to Calif. mortgage-aid program"), the number of participating lenders in the program has more than doubled since June. There are now 55 lenders participating with Keep Your Home Loan California; these lenders represent 90% of the home loans in California and include large lending firms such as Bank of America, Wells Fargo, and Chase. While some lenders are not participating in all four sub-areas under the main program, the article states that the majority of lenders are participating in at least two facets of the program. At this point, over 10,000 borrowers in California have either received or will receive aid from the program, and the large addition of participating lenders should only help increase that number dramatically. If you are a San Clemente real estate owner and are having trouble making your mortgage payments due to financial hardship, this may be a way to help you stay in your home, so please visit the program's website or speak with your lender for more details.