California State Foreclosure Prevention
Struggling homeowners in California have a variety of foreclosure prevention plans available to them at the federal and state levels. All homeowners nationwide may qualify for several federally sponsored foreclosure options. Furthermore, California homeowners are able to make the most of California Housing Finance Agency (CalHFA) and Maintain Your Home California foreclosure prevention programs. California homeowners expecting to avoid foreclosure must choose the right foreclosure prevention plan for their specific circumstance.
CalHFA Apps
The California Housing Finance Agency (CalHFA) is currently offering its CMP 2.0 loan adjustment program to eligible California homeowners. To qualify for CMP 2.0, California homeowners must have CalHFA-backed mortgages that are not actually owned by Fannie Mae or Freddie Mac. For homeowners with eligible CalHFA-backed mortgages, the streamlined loan modification program provides loan forgiveness up to $40,000. CalHFA-modified mortgages can feature terms of around 40 years and interest rates as low as 2 percent.
Keep Your Home California
Other foreclosure prevention plans made for California homeowners fall beneath the Keep Your Home California initiative. Section of the CalHFA Mortgage Assistance Corporation, Keep Your Home California delivers eligible California homeowners different foreclosure prevention and foreclosure alternative programs. Current California foreclosure prevention plans include unemployment mortgage assistance and loan adjustment. Furthermore, Maintain Your Home California features mortgage reinstatement assistance that makes it possible to extort mortgages going via actual foreclosure.
Federal Mortgage Assistance
Besides state foreclosure prevention programs, California homeowners are able to take advantage of federally sponsored versions as well. Golden State homeowners qualify for CalHFA CMP 2.0 mortgage adjustment might be eligible for the Federal government’s Home Affordable Damp Program (HAMP). In addition, eligible California homeowners might be able to use the Home Affordable Foreclosure Alternatives (HAFA) program. HAFA provides short-sale and deed-in-lieu of foreclosure plans to homeowners who have mortgages owned by Fannie Mae or Freddie Mac.
Program Selection
California homeowners trying hard to avoid foreclosure must contact their lenders at their first opportunity. Mortgage counseling in California is offered by HUD-approved counselors, as well as counselors approved by the nation itself. For homeowners who have mortgages owned by private lenders, obtaining Preserve Your Home California foreclosure prevention plans can make sense. Furthermore, homeowners with personal lender mortgages may find successful foreclosure prevention assistance during Hope Now, an alliance sponsored by particular private lenders.