California is participating in a federal program to help home owners who are struggling to make their mortgage payments. $1.83 BILLION has been made available to help with buy-downs, late payments, etc. Although slated to have begun Monday, the Keep Your Home California program will be delayed a “few weeks” according to sources.
Logistical issues are blamed for the delay. According to the California Housing Finance Agency (the agency overseeing the program) the federal government has made a moving target of the requirements. In addition, many new groups of potential beneficiaries have been added, and more money.
Diane Richardson (an agency official running the program) said the the program has more than doubled. However, it will start on a limited basis within a few weeks.
Two main focuses of aid will be to the unemployed homeowner having trouble making their payments ($875 million), and $790 million to pay down loan balances. Lesser amounts have been earmarked for homeowners who have temporarily fallen behind on payments and for those in danger of loosing their home to foreclosure.