Unemployed Sacramento residents facing possible foreclosure or Chapter 7 or Chapter 13 bankruptcy may be glad to know that the California Housing Finance Agency has finally decided to start the application process that will give unemployed homeowners up to $3,000 per month to pay their housing mortgages according to an article published in SFGate.
California has decided to implement the first of four programs launched by the United States Treasury as part of the Hardest Hit Fund. This fund consists of $7.6 billion that will provide the 18 hardest hit states with the largest drops in housing prices or high unemployment rates.
In order to qualify, a homeowner must meet specific eligibility requirements that are based on age as well as income restrictions. Additionally, the individual homeowner’s loan servicer must agree to participate in the federally funded program. Unfortunately, only three mortgage loan servicing companies had decided to join the program, but CalHFA plans to more than double that number over the upcoming week.