California Housing Finance Agency Keep Your Home
The Keep Your Home programs by the California Housing Finance Agency are geared towards low and moderate income homeowners.
Keep Your Home Programs
The foreclosure relief California state agency assistance programs include:
- Unemployment Mortgage Assistance (UMA) – Temporary assistance for homeowners who have experienced an involuntary job loss. The UMA program can provide up to six months of benefits.
- Mortgage Reinstatement Assistance Program (MRAP) – Limited funds would be provided to homeowners who have fallen behind on their mortgages in order to reinstate the loans and prevent foreclosure.
- Principal Reduction Program (PRP) – Likely to be used in anticipation of a loan modification, the PRP program will reduce principal balances for homeowners with negative equity, in other words, for those who are upside down and owe more than what the home is worth.
- Transition Assistance Program (TAP) – For homeowners who can no longer afford their homes, the TAP program will provide relocation assistance in order to transition into affordable housing.
Eligibility
In general, the borrower must qualify as a low or moderate income homeowner who is experiencing a hardship with a home that is a primary residence with a mortgage balance no greater than $729,750.
