California Mortgage Relief Program Helps Struggling Homeowners

California

Funded by Biden’s American Rescue Plan of 2021, the California Mortgage Relief Program offers financial assistance to qualifying homeowners impacted by the Covid-19 crisis. This program can help you cover delinquent mortgage payments or property taxes, in the form of a grant, meaning you will not have to pay them back.

For more information on getting a grant and also learning about refinance programs, take a look at this.

There are specific requirements that must be met by both the applicant and the property to be eligible. The applicant’s income must be at or below 150% of the Area Median Income (use this AMI calculator to find out if you meet income requirements). The property must be a single-family home, condo, or permanently affixed manufactured home. And the reason you are behind on your payments must be Covid-related after January 2021. 

Funding, up to a limit of $80,000.00 per household, pays the entire past-due amount owing to lenders by homeowners with mortgages or reverse mortgages. Homeowners who are more than $80,000.00 in arrears at the time they submit their application will not be accepted. Grants cover the past-due amount owed to the county tax collector for homeowners who pay their property taxes directly to their county, up to $20,000.00 per household.

The California Mortgage Relief Program official dashboard states that almost $87 million have been disbursed so far and 2,400 families have received assistance. The average amount per household is 35,119.00.

Start by filling out the following questionnaire. Please contact your mortgage servicer or a HUD-certified housing counselor at 1-800-569-4287 if you require help with your application or have inquiries regarding your eligibility.

For more information on getting a grant and also learning about refinance programs, take a look at this.

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