If you purchased your home at the height of the real estate market, you may owe more than your home is worth.

On November 1st, the California Housing Finance Agency will roll out their $700 million program to help California homeowners who are struggling to make their mortgage payments.   This program is geared towards low and moderate income homeowners.

1) Homeowners who have lost their job and are in immediate danger of foreclosure can obtain a payment subsidy of up to 50% of their mortgage payment (not to exceed $1500) for as long as six months.

2) Homeowners who have missed at least one mortgage payment can receive up to 50% of the delinquent amount (not to exceed $15,000).

3) Homeowners who owe more than their home is worth can receive up to $50,000 to reduce their principal balance in order to prevent foreclosure.



The catch: The borrower’s lender must contribute half of the amount CalHFA makes up the other half.  Additional information found here

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