Spears, Steven

California Opens New Doors to Keep Families in Homes

By Steven Spears
California Housing Finance Agency

With high unemployment and the California real estate values still in the doldrums, the state is taking a new step to prevent foreclosures and stabilize communities.

The new initiative, Keep Your Home California, includes four new programs to assist homeowners struggling to make their mortgage payments and remain in their homes.

Each of these programs is funded by the U.S. Treasury Department as part of its “Hardest Hit Fund,” specifically designed to assist states most affected by the foreclosure crisis. California received the largest allocation – nearly $2 billion – to help tens of thousands of eligible families.

The programs were designed with the help of housing counselors, housing advocates, mortgage servicing companies and lenders, to maximize the impact of these federal dollars.