California's Keep Your Home Program May Save Homeowners From Fiscal Cliff

With the “fiscal cliff” being the main topic of conversation on the news lately, many Mission Viejo residents are eagerly hoping that the Federal Government will resolve the standoff that’s leading the country over the fiscal cliff and keep the nation on track but as of December 2012, it doesn’t look like the fiscal cliff is going to be averted.

In California, millions of homeowners who are concerned about the fiscal cliff, are also unemployed, and living on their federal extended unemployment benefits, while searching for jobs, and with the fiscal cliff looming, these people are concerned that they will lose their unemployment benefits but, help is still available regardless if the country goes over the fiscal cliff or not.

New Program Will Help Unemployed Californians

Thanks to California’s Keep Your Home Program, every California resident who is unemployed and concerned that their unemployment benefits will run out, especially if their benefits are federally extended, can have peace of mind in knowing that the State of California will cover up to $3,000 of their monthly mortgage payment, for nine months or until they are able to find a job.

The Future After The Fiscal Cliff?

Depending on who you ask, the future will be good or bad after the fiscal cliff but, according to many sources, over 40,000 Californians could be affected once the United States goes over the cliff, and they could receive a notice that their unemployment benefits have been cut-off.

If anyone in Mission Viejo knows that their unemployment benefits might be ending within the next 30 days, they should submit an application for the Keep Your Home Program with their local EDD office just so they can begin collecting this benefit in the event the country goes over the fiscal cliff or their unemployment benefits are cut off.

Program Qualifications

For a California homeowner who is on unemployment, and is interested in applying for the Keep Your Home Program, their mortgage payment has to be more than 30 percent of their monthly income.

The homeowner’s mortgage must also be less than $730,000 and they also must have a mortgage with one of these lenders: Bank of America, GMAC, U.S. Bank or Wells Fargo.

To learn more about the State of California’s Keep Your Home Program, contact Steve Williams at Sun Financial Group by calling (949) 699-1950.