Press Release (PressBurner) Nov 01, 2010 - San Mateo, CA - A new program, Keep Your Home Program, has been established to help struggling California home owners using Hardest Hit Funds is due to be implemented in November of this year.
USA, California, San Jose (October 2010) – A new program, Keep Your Home Program, has been established to help struggling California home owners using Hardest Hit Funds is due to be implemented in November of this year. The program’s main intention is to assist home owners in keeping their homes which are in jeopardy of foreclosure.
The Keep Your Home Program in California was developed to assist home owners who are struggling with the unemployment crisis as California currently has one of the highest unemployment rates in the nation. The funds from this program may provide six months of monthly mortgage assistance to unemployed persons whose homes are in danger of foreclosure. This program is set to reduce the number of houses for sale in San Jose and help residents with short term financial assistance.
Another part of the program is the Mortgage Reinstatement Assistance Program which is designed to assist home owners who are already behind in mortgage payments. This program will provide either $15,000 in mortgage assistance or 50% of the amount that is overdue, whichever is less. Realtors in San Jose have many home owners in this situation and are looking forward to helping them recover from being behind in their mortgage through this program.
California not only struggles with unemployment but also with negative equity as the value of homes has significantly decreased. With the Principal Reduction Program, home owners have the opportunity to reduce the amount of principal owed to a more normal and stable market level. This will assist houses in San Jose from going into foreclosure and subsequently being placed up for sale.
Many realtors in San Jose, California are aware and ready to provide knowledge of this new program which will help residents save their homes. Many similar programs have been established nationwide and have been successful in reducing the number of short sales and foreclosures. The funding for this program comes from the Hardest Hit Fund which can be found in other states in the same predicament as California.
These programs are no guarantee of financial services as home owners must qualify for the program. The best way to seek qualification guidelines is to contact your local realtor who will research your particular case. With any luck in November, the Keep Your Home Program will provide assistance allowing many home owners to keep their homes reducing the number of houses for sale in San Jose and other California cities.
New San Jose Short Sales