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Up to $100,000 Principal Relief for Stressed California Homeowners

Federally funded  program, Keep your Home California, is granting a limited number of underwater homeowners  a principal reduction of up to $100,000 on Fannie Mae and Freddie Mac loans.

Who Qualifies?

  • Owner occupants. This means it must be your primary residence.
  • Low to Moderate income households
  • Owe more than the home is worth and be delinquent on payments due to significant hardship.
  • The balance on the first mortgage cannot exceed $729,750.  Other rules apply, but there is no asset limitation.  The maximum reduction is $100,000 per homeowner
  • If the homeowner sells or refi’s for a profit within 5 years, the proceeds must be used to repay the loan. After 5 years, no repayment is required.

**For more information on the Keep Your Home programs, visit http://keepyourhomecalifornia.org/.

http://www.sfgate.com/business/networth/article/Principal-relief-for-stressed-homeowners-3986774.php#page-1

Written by Kerry Ann Moore - Go to Kerry Ann's Website/Profile
Kerry Ann Moore, The Keith Byrd Team, San Luis Obispo Realtor, 805-540-4040