7 On Your Side
More money available to help Californians keep their home
The pool of money to help struggling California homeowners has increased substantially, and many people may be eligible for that money and not even know it.
The California Housing Finance Agency recently signed on several big banks into the program including Wells Fargo, Chase and Bank of America.
At least $1.5 billion is available to help homeowners keep their homes. The principal reduction program provides low and middle income homeowners with up to $100,000 to help them avoid foreclosure. And the best part, the money does not have to be repaid unless the home is sold within three years.
"They have to be under some hardship, either having lost their job or through divorce or other financial hardship and then we look at their situation. Their home has to be under water and then we're able to, in many cases, write down the cost of their monthly payments," said Claudia Cappio from the California Housing Finance Agency.
Check out Keep Your Home, California or call: 1 (888) 954-KEEP (5337)
housing market, foreclosures, mortgages, chase bank, bank of america, wells fargo, 7 on your side, michael finney
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