A great number of condo and residential foreclosures are being offered for sale in California.
Analysts of the real estate market hold that a majority of homeowners are affected by legal proceedings and ultimately ended up in losing their properties, not because of readjusted mortgages, but due to unemployment.
A forbearance initiative called the Keep Your Home program, launched by the California Housing Finance Agency, aims at helping jobless house owners in associated areas and in Los Angeles, who are likely to have their properties in the list of foreclosed homes.
The main motive of this initiative is to offer assistance to distressed homeowners who have acquired the facilities of the 'Making Homes Affordable' endeavour offered by the federal government.
There are two conditions for homeowners of California who are suffering from foreclosure homes, to acquire a slot in the state's program.
Firstly, if they remain unemployed even after using the time period allotted under the program by the federal government, and secondly, if their investors are participants in the state's housing initiative.
Individuals and families, who are jobless and have the possibility of losing their properties to foreclosed homes of banks, can directly apply for a space under the state initiative program without the aid of a federal program.
The U.
S Treasury supplies funds of a total amount of $540 million to encourage the state's effort.
The effort intends to offer assistance to more than 4,000 house owners within the time period of two years, thereby minimising the total figure of condo and home foreclosures offered for sale in this state.
Originally, the program was intended to provide house owners with some monetary assistance of about $1,500 on a monthly basis (or half the amount of their loan payment in a month).
However, from the time it was declared that California will receive more funds under the Treasury's Hardest Hit Program from the federal government, state officials have decided to extend the service of the program.
As California has a high population and unemployment rate, it will receive greater financial assistance than other states.
State officials have decided to spend a part of this fund in paying off the loan mortgage amount of a month for unemployed borrowers.
This monetary assistance is to be catered to them for six months.
During this time, lenders will delay collecting the monthly loan amount.
Local officials feel that this program will be able to lessen the numerical figure of condo and residential foreclosures offered for sale in that area.
Analysts of the real estate market hold that a majority of homeowners are affected by legal proceedings and ultimately ended up in losing their properties, not because of readjusted mortgages, but due to unemployment.
A forbearance initiative called the Keep Your Home program, launched by the California Housing Finance Agency, aims at helping jobless house owners in associated areas and in Los Angeles, who are likely to have their properties in the list of foreclosed homes.
The main motive of this initiative is to offer assistance to distressed homeowners who have acquired the facilities of the 'Making Homes Affordable' endeavour offered by the federal government.
There are two conditions for homeowners of California who are suffering from foreclosure homes, to acquire a slot in the state's program.
Firstly, if they remain unemployed even after using the time period allotted under the program by the federal government, and secondly, if their investors are participants in the state's housing initiative.
Individuals and families, who are jobless and have the possibility of losing their properties to foreclosed homes of banks, can directly apply for a space under the state initiative program without the aid of a federal program.
The U.
S Treasury supplies funds of a total amount of $540 million to encourage the state's effort.
The effort intends to offer assistance to more than 4,000 house owners within the time period of two years, thereby minimising the total figure of condo and home foreclosures offered for sale in this state.
Originally, the program was intended to provide house owners with some monetary assistance of about $1,500 on a monthly basis (or half the amount of their loan payment in a month).
However, from the time it was declared that California will receive more funds under the Treasury's Hardest Hit Program from the federal government, state officials have decided to extend the service of the program.
As California has a high population and unemployment rate, it will receive greater financial assistance than other states.
State officials have decided to spend a part of this fund in paying off the loan mortgage amount of a month for unemployed borrowers.
This monetary assistance is to be catered to them for six months.
During this time, lenders will delay collecting the monthly loan amount.
Local officials feel that this program will be able to lessen the numerical figure of condo and residential foreclosures offered for sale in that area.
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