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Foreclosure Assistance

Keep Your Home California

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The California Housing Finance Agency offers programs to fight the ongoing foreclosure crisis in California, with the primary goal of helping families remain in their homes. The programs, under the umbrella title of Keep Your Home California, are federally funded as part of the U.S. Treasury Department's Hardest Hit fund, and are aimed at helping low- and moderate-income homeowners who are either unemployed or are facing another financial hardship, have fallen behind on their mortgages and owe significantly more than the value of their homes. The maximum income limit for a family of four is $76,800 gross annually.

Specifically, the Keep Your Home California programs provide:
 

  • Mortgage assistance of up to $3,000 per month for unemployed homeowners who are in imminent danger of defaulting on their home loans.
  • Funds to help homeowners who have fallen behind on their mortgage payments due to a temporary change in a household circumstance. The program will provide up to $15,000 per household to reinstate mortgages to prevent foreclosures.
  • Money to reduce the principal owed on a mortgage for a home where the low- or moderate-income homeowner is facing a serious financial hardship and owes significantly more than the home is worth.
  • The program requires lenders to match any assistance provided by the Keep Your Home, California program.

The programs will be limited to homeowners who meet a number of criteria, including owning and occupying the home as their primary residence, meeting income limits and facing a financial hardship. Homeowners who consummated a "cash-out" refinance are not eligible for Keep Your Home California programs.

To apply for the assistance, a homeowner should contact the Keep Your Home California call center toll-free at 888-954-5337 or their mortgage servicer -- the company to which the borrower sends monthly mortgage payments. Each of the mortgage assistance programs requires the participation of the mortgage servicer. A full description of the programs can be found at www.KeepYourHomeCalifornia.org.

Homeownership Preservation Foundation

The Homeownership Preservation Foundation, a national non-profit counseling organization offers foreclosure assistance. The mission of this foundation is to preserve homeownership through budget and credit counseling, housing support, and offering solutions to avoid foreclosure. Counseling sessions are provided in collaboration with local agencies that have undergone extensive training and are certified by the U.S. Department of Housing and Urban Development (HUD). 

Homeownership Preservation Foundation hotline: (888) 995-4673.

If you are a renter who has been displaced due to your landlord losing your home to foreclosure there is assistance available through the Los Angeles County Department of Consumer Affairs - (800) 593-8222. They will give you information on tenants' rights and financial assistance programs available to you.

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