The Obama Administration just announced $800 million in additional federal dollars will be provided through the Treasury Department’s Hardest Hit Fund for California’s Keep Your Home Program, in addition to the nearly $1.2 billion previously announced.  The Keep Your Home Program, which will be available to California homeowners starting November 1, includes four pieces designed to help Californians struggling with their mortgage payments:

1. Unemployment Mortgage Assistance, which will provide temporary bridge loans for unemployed homeowners.
2. The Mortgage Reinstatement Assistance Program, which will help make homeowners  with delinquent loans current
3. The Principal Reduction Program, which will allow underwater homeowners to bring the cost of their loans down to market levels
4. The Transition Assistance Program, which will provide funds to help homeowners who have conducted a short sale or deed-in-lieu of foreclosure transition to new housing.

California has been hit harder than almost any other state by the foreclosure crisis.  These programs are designed to help get our housing market back on track and get homeowners back on their feet while we work to move our economy forward.

You can find out more about the Keep Your Home Program at http://keepyourhome.calhfa.ca.gov/.