The U.S. Department of the Treasury is investing another $2 billion into the nation’s Hardest Hit Fund which will allow state Housing Finance Agencies to continue helping homeowners struggling to pay their mortgages.
The Keep Your Home California program will receive $213.5 million in this fifth round of funding. The program was created in February 2011 to help low- and moderate-income homeowners with mortgage assistance.
Participants can qualify for help under four different programs: unemployment mortgage assistance, mortgage reinstatement assistance program, principal mortgage reduction and transition assistance program. Keep Your Home, administered by the California Housing Finance Agency, also started a pilot program last year to help senior homeowners with reverse mortgages avoid foreclosure.
“We are thrilled to have the opportunity to help more California homeowners prevent foreclosure with additional funding from the Hardest Hit Fund,” said Tia Boatman Patterson, the agency’s executive director. “While the economy and housing market have improved, there are still many homeowners who are struggling with their mortgages due to unaffordable payments, unemployment, negative equity, and other financial hardships.”
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Keep Your Home California has provided more than $1.27 billion in assistance to over 60,000 households in all 58 counties of the state. In Fresno County, about 2,100 homeowners have received help with a combined $43.5 million in funding.
The program was originally set to end on Dec. 31, 2017. It was extended to Dec. 31, 2020.