MEDA can help eligible homeowners avoid preventable foreclosures via the “Keep Your Home California” program.
- Unemployment Mortgage Assistance – Provides temporary assistance to eligible homeowners who have suffered involuntary unemployment.
- Principle Reduction Program – Helps homeowners with severe negative equity qualify for a sustainable loan modification, by reducing principal loan balances.
- Mortgage Reinstatement Assistance Program – Helps eligible homeowners reinstate their first mortgage loan if they have fallen behind because of short-term financial problems.
- Transition Assistance Program – Provides one-time funds to help homeowners relocate into a new housing situation if they have executed a short sale or deed-in-lieu of foreclosure program.
Basic homeowner eligibility requirements:
- Own and occupy the home as primary residence
- Meet low- and moderate-income limits
- Have documented eligible hardship
- Have adequate income to sustain modified mortgage payment
- Mortgage loan is delinquent or in imminent default
Basic property eligibility requirements:
- Mortgage is a first lien loan originated on or before January 1, 2009
- Unpaid principle balance does not exceed $729,750
- Property must not be abandoned, vacant or condemned
- Property must be located in California
If you are interested in learning if you qualify for the “Keep Your Home California” program, please contact: (888) 954-KEEP (5337); www.KeepYourHomeCalifornia.org.