California: More $’s To Owners Facing Foreclosure

Inquiring minds are reading about the state plan to help homeowners facing the threat of foreclosure kicked off this week with the California Housing Finance Agency:

Designed to help homeowners receiving unemployment benefits keep current on their mortgage payments, the program that kicked off Monday will give as many as 60,000 eligible homeowners a mortgage payment subsidy of up to $3,000 for a maximum of six months.

In February, the agency, which has $2 billion in federal funds, will launch three more programs tailored for low- and moderate income homeowners.

“The phone line’s up, it’s available, the calls are coming in and people are getting some assistance,” said Diane Richardson, president of Keep Your Home California.

In the first two days they received over 1200 calls.

And this isn’t the only program California can spend money on…

The other three programs will start Feb. 7, Richardson said. They are:

Prevention of foreclosures with up to $15,000 per household to help homeowners who have fallen behind on their mortgage payments.

Money to reduce the principal on mortgages that are underwater and at risk of default.

Relocation assistance for homeowners who have decided they can no longer keep their home.

Soooo…people who made bad decisions about buying get more free’ money from the government to keep their home?…and then even assistance to look for more housing when they can’t afford their home any longer? They could find and purchase a house but now incapable of finding a rental? Who said “we’re becoming a nation of wimps”?


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