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  • California Mortgage Help 2012


    Quite honestly, the economy is still in the recovery mode. Because of this – there are people who continue to have problems making their respective payments on their mortgages each and every month. This is especially true in the state of California. Well, the good news is – there is help. California mortgage help is available for those finding it difficult to make their mortgage payments. The key will be to know exactly where to look, and what to look for in terms of your specific financial difficulty.


    In the paragraphs that follow, you are going to learn some detailed information that pertains to help with your mortgage. After reading through the information provided below, you’re going to have a better understanding of the steps you need to take to get back on track, as well as the programs available that will help you do so.


    The Different Forms of Financial Hardship and the Programs available to Help you Deal with Them.

    You Have Not Missed a Payment, but the Possibility Is Eminent

    In most cases, the difficulty is not that you have missed a payment, but it is that you anticipate missing a payment in the future. If this is the case, there are California

    mortgage programs available to assist you with these conditions.

    * (UMA) or Unemployment Mortgage Assistance Program

    Although this program is federally funded, it is a program that has been specifically formulated for CalHFA. This is a program that can provide temporary financial assistance to California homeowners who are eligible for this particular program. The way the process works, if you qualify, is that CalHFA will get together with financial institutions to help subsidize the mortgage payments of an eligible homeowner. So, if you find that you will be in financial difficulty in the near future, this may be an option for financial assistance.


    * (PRP) or Principle Reduction Program

    If you feel that you have suffered a hardship, it’s important to realize that there is also a program available to help you through this process as well. The principle reduction program has been specifically designed to provide capital for qualified California homeowners, which will help catch up on principal balances. In some cases, the homeowners will need to have a negative equity in their home in order to qualify. However, if you do, you are almost a shoe in for this particular program. It’s important to understand that each of these programs listed above are meant to target low-to-moderate income California homeowners.


    You’ve Missed A Few Payments

    In many cases, homeowners will feel that even though financial difficulty is on the horizon they have the wherewithal in order to deal with these issues and make their payments on time. However, when one payment is missed, most often – a second and third payment will be missed as well. If you find yourself in this particular situation, there is additional help available if you make the decision to reach out.

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    * (MRAP) or Mortgage Reinstatement Assistance Program

    The mortgage reinstatement assistance program is another offering that works through CalHFA. This is a program that is also friendly funded but it has also been created to help provide the temporary financial assistance California homeowners need. If you wish to remain in your home and you are facing financial difficulty which includes a series of missed payments, you may be able to qualify for this particular program in order to avoid foreclosure. However, to qualify for this program you must be in the low-to-moderate income category.


    * (UMA) or Unemployment Mortgage Assistance Program

    If you’ve missed a few payments you may also be able to qualify for the unemployment mortgage assistant program provided in California. This is another option that is not only available for those that are on top of their payments, but for those that find themselves one or two months in the arrears. In many cases, you may also be able to utilize the Principle Reduction Program or (PRP), but it will be necessary to talk to a mortgage assistant service to find out the eligibility criteria.


    * (CMP) or CalHFA Loan Modification Program

    The CalHFA loan modification program is also available for those of you that would like to stay in your home. This particular program can help with temporarily suspending mortgage payments, provide you with an extended repayment schedule, increase the term of the loan, temporarily lowering your current interest rate, apply federal funds for amounts that are past due, and apply federal funds for principle reduction. If you qualify, this is a program that can help you with your financial hardship and get you a modification program that works for your specific financial situation.


    You Are Currently in Foreclosure


    For those that are currently in foreclosure, there are assistance programs that can help in these areas as well. The Unemployment Mortgage Assistant Program and the Principle Reduction Program will be available as long as you qualify, but the important aspect of this entire process will be contacting a mortgage assistant service in order to get the ball rolling. Quite frankly, many people wait until the last minute which is not recommended. If you are suffering through financial difficulty and you are currently facing a foreclosure it’s important to realize that there are loan modification programs and foreclosure payment plans that can be implemented to help you keep your home if this is your goal.


    Working with your lender


    Probably considered to be one of the most important steps at this point will be to try and work with your lender in terms of a loan modification or a foreclosure payment plan. As stated before, this is only advisable if you want to stay in your home. Believe it or not, lenders will do everything in their power to keep you in your home as long as the plans worked out where they can receive payments. This can only happen through a loan modification process or some form of foreclosure payment plan that can be arranged once you’ve decided to get the help you need.


    With the information provided here, you now have a better understanding about the programs available which can provide you with California mortgage help. However, this information is only as good as the individual that plans to use it. Although it may seem helpful, your next step will be to reach out to a California mortgage assistance service and find out how they can help you with your financial hardship, which in turn will allow you to stay in your home.

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