Keep Your Home California is Gone
May 8, 2019
Keep Your Home California was the name of the Federal government-funded program to help people from losing their home to foreclosure. Your tax dollars were used for this program, also called the “Hardest Hit Fund,” in 18 states that were most affected by the 2008 Great Recession. California had nearly $2 billion in funds to help homeowners keep their homes. This program helped over 82,000 homeowners save their homes.
Unfortunately, the funds have been used up and the program officially stopped taking applications for assistance as of June 29, 2018. What does that mean for you? You still have options to stop your home
from being foreclosed.
1. Modification: Banks are still interested in giving you a modification, sometimes. This can be a very good solution if you’ve had a temporary setback and you need to get back on track.
2. Reinstate: If you are behind on your mortgage for whatever reason, you can pull money from your savings to pay the bank back. If you can afford to do that, you can get back on track with your mortgage.
3. Bankruptcy: Filing a bankruptcy is the only way to confidently postpone a foreclosure sale date, especially if it’s only a few days until the sale. A BK is also a great way to re-structure, eliminate or get a better handle on all your debt, not just your mortgage.
4. Sell your home: Even if you don’t have equity, you can short sell your home and at least prevent a foreclosure and get some relocation funds. If you do have equity, this is the best opportunity to get some of the money out of your property. Use this to rent for a couple years and we’ll help you buy a new house when you are ready.
5. Let it foreclose: This doesn’t sound like a good option because it isn’t! Incredibly, the number of homes that have foreclosed in the past month (June 2018) is more than double the average over the past 12 months! This indicates that the bank is less willing to postpone sales like they often do in the middle of a modification or short sale process.
We often meet clients that try to brush us off by saying that they “are working with someone.” If you are in default, we know you’ve been bombarded with lots of official-looking mail from companies claiming they will help you. Sometimes they can help, most times they can’t. Every time they will charge you $3,500 or more. Our company offers free consultative services and we often have better results than the paid for service!
The California Home Company – powered by eXp Realty
Henish Pulickal, Broker CalDRE 01866631
Blake Hedrick, Contractor CSLB 1044138
4250 Morena Blvd Suite E
San Diego, CA 92117
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