Real Estate Insight

San Diego Union-Tribune

• 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 www.KeepYourHomeCalifornia.org  or www.ConservaTuCasaCalifornia.org.