vestwell vestwell vestwell
  • About
  • Contact
  • Testimonials
  • More
    • Demographics & Advertising Rates
    • Terms & Conditions
Tuesday, May 17, 2022
No Result
View All Result
CALIFORNIA BUSINESS JOURNAL
  • Front Page
  • Business
  • Finance
  • People
  • Featured
  • Technology
  • Law
  • News
  • Food
  • Art & Culture
  • Human Interest
  • Education
  • Insurance
  • Real Estate
  • Health & Fitness
CALIFORNIA BUSINESS JOURNAL
Struggling To Pay Your Mortgage - California Mortgage Relief Program

Photo by Jessica Bryant from Pexels

Struggling To Pay Your Mortgage?

You May Be Eligible For The California Mortgage Relief Program.

by Leslie Interris, California Business Journal
A A
Share on FacebookShare on Twitter

Homeowners in California have been hit hard over the course of the pandemic, with an estimated one in 11 falling behind on their mortgage payments.

While federal relief programs have already helped tenants clear long pending dues on their rent, the state has recently introduced a relief program for qualified low and moderate-income Californian homeowners.

Understanding The California Mortgage Relief Program

If you own a house in California and have lost your job or suffered financial hardships as a result of the COVID-19 pandemic, the California Mortgage Relief Program will pay your mortgage, property taxes, and insurance bills up to $80,000.

For homeowners who are down on their luck, this program is a significant lifeline to get caught up with payments and start afresh, and the best part is, this one-time relief amount need not be paid back to the state.

This $1 billion program will be made available to anywhere between 20,000 to 40,000 homeowners across the state, provided they meet a series of requirements. This includes criteria such as home ownership, median income, COVID-related financial hardship and more.

Are You Eligible For This Relief?

According to the termsheet of the state program, applicants will have to meet all of the following conditions in order to qualify for the relief,

Own only one property, which you currently occupy, and is your primary residence.

It must be a single-family, condominium, or a manufactured non-mobile house currently in California.

Have experienced financial hardships after Jan 21st, 2020, and are behind on at least two mortgage payments before Dec 27th, 2021.

Household income must be lower than the median household income within your county. For example, the median household income in Los Angeles County is $68,044. So, if your property is located in Los Angeles, your household income cannot exceed this amount.

The program also requires that you have limited cash and other liquid assets in order to qualify.

Beyond this, applicants are required to satisfy one of the three requirements below to qualify for the relief program,

Qualified to receive public assistance, which can be food stamps, or any other form of welfare.
Severely housing burdened; That is, your mortgage and other housing related costs consume as much as 40% of your income.

Your lender has denied alternative options to avoid the impending foreclosure of your house.

ADVERTISEMENT

How To Apply?

The application process is pretty straightforward, the program has a dedicated website – CAMortgageRelief.org
The process starts with a series of questions to determine your eligibility, and once you are qualified, you can start filling out the application.

You will be required to submit a few documents to further establish your claim. This includes bank statements, utility bills, mortgage statements, and proof of income for each adult in your household.

Apart from this, you will have to submit documents pertaining to other welfare schemes that you are currently availing, or proof that you are housing burdened, or your lender denying options to defer or modify the loan to help save your house from foreclosure.

The application can be submitted entirely online, and can be completed in less than 30 minutes. Once approved the amount will be released directly to the company servicing your loan.

Consider Mortgage Refinance Too

If you are a struggling homeowner, make sure to consult your mortgage servicer first, regarding other options that you can try before placing your hopes on the state relief program.

Your interests are aligned with that of a mortgage service right owner, in fact they will try to take every step necessary to keep homeowners in their homes.

According to some experts, modification of existing loans are far more advantageous to buyers in the long run than just the one time benefit from the state.

If you are looking for a long-term solution to substantially enhance your cash flow position, you have to consider refinancing your mortgage loan. In fact, with low interest rates, and impending rate hikes, there is no time like the present to explore this.

Related Posts

Best Mortgage
5 Ways to Get The Best Mortgage Deals
young-couple-buying-first-house
Buying a Home in Your 20s
Ruben Lopez
Draper and Kramer Mortgage Corp. Expands California Presence with New Santa Barbara Branch
Stiletto House in Singapore by EHKA Studio
Mortgages In Singapore: How To Find The Hottest Properties -- And The Best Rates
1
REDUCING FRAUD, ENHANCING COMPLIANCE IN THE MULTI-TRILLION DOLLAR MORTGAGE INDUSTRY
Tags: AngelesapplicationbestCaliforniaCalifornia Mortgage Relief ProgramcompanyCountyexplorefinancialfoodhomeinsuranceloanloansLosLos Angelesmortgagesolution
ADVERTISEMENT
Leslie Interris, California Business Journal

Leslie Interris, California Business Journal

Related Posts

young-couple-buying-first-house
Buying a Home in Your 20s
Stiletto House in Singapore by EHKA Studio
Mortgages In Singapore: How To Find The Hottest Properties -- And The Best Rates
Best Mortgage
5 Ways to Get The Best Mortgage Deals
Ruben Lopez
Draper and Kramer Mortgage Corp. Expands California Presence with New Santa Barbara Branch
1
REDUCING FRAUD, ENHANCING COMPLIANCE IN THE MULTI-TRILLION DOLLAR MORTGAGE INDUSTRY
advertisement
Facebook Twitter LinkedIn Instagram LinkedIn

Advertise With CBJ

1REALTOUR-SAN DIEGO-WEB DESIGN
Facebook Twitter LinkedIn LinkedIn Instagram
C B J   LOGO  SVG-01
  • About
  • Contact California Business Journal
  • Testimonials
  • Demographics & Advertising Rates
  • Terms & Conditions

Categories

  • Art & Culture
  • Business
  • Editor's Choice
  • Education
  • Featured
  • Finance
  • Food & Dining
  • Health & Fitness
  • Human Interest
  • Insurance
  • Law
  • Marketing
  • Medical
  • News
  • Newsletter
  • People
  • Popular
  • Real Estate
  • Social Media
  • Technology
  • Uncategorized

CBJ Partner Firebrand Media

Laguna Beach Independent Newspaper
 Laguna Beach City Guide
 Newport Beach Independent Newspaper
Newport Beach Country Club Magazine
  Montage Magazine
 Omni Escapes Hotel Magazine
 Bespoke Concierge New York
 Evans Hotels
 Laguna Beach Magazine
 On The Menu Laguna Beach
 Newport Beach Magazine
Coastal Real Estate Guide (NB,LB, CDM)
Monarch Beach Resort Magazine
 Pacific Coast Magazine (SoCal)
Sea Island Life Magazine
Salamander Hotel & Resorts Magazine
 View our entire portfolio

 

Most Viewed

  • Gavel, scales of justice and law books

    Lawsuit Basics: How Much Does It Cost to Sue Someone?

    0 shares
    Share 0 Tweet 0
  • NFL Paychecks: How Do NFL Players Get Paid?

    0 shares
    Share 0 Tweet 0
  • What to Do When an Online Casino Refuses to Pay Out Your Winnings

    0 shares
    Share 0 Tweet 0
  • New Study: California’s 10 Universities That Produce the Most CEOs

    0 shares
    Share 0 Tweet 0
  • Five Reasons Why The Government Does Not Like Bitcoin

    0 shares
    Share 0 Tweet 0
  • The Impact of Covid: Racing to Buy Second Citizenships

    0 shares
    Share 0 Tweet 0
  • The Only Way

    0 shares
    Share 0 Tweet 0
  • Is Virtual Financial the Future of Financial Services?

    0 shares
    Share 0 Tweet 0
  • How to Start a Telecommunication Business: A Step-By-Step Guide

    0 shares
    Share 0 Tweet 0
  • Best Crypto Faucets You Can Try In 2021 and 2022

    0 shares
    Share 0 Tweet 0

Latest Articles

money

6 Things You Need To Know About Cash Loan Today

No credit loans

How to Qualify for No Credit Check Loans

Instagram -- Best Friends Selfie

Top 7 Instagram Trends to Follow in 2022

Attorney David Libman

The Beat Goes On

Attorneys Jeff Johnson and David Rawi

Business Profile: Johnson & Rawi PC

covid testing

Steps to Take If You Think You Have COVID But Can’t Get Tested

5 Ways to Get Free Spins No Deposit at a No Account Casino

No-account casinos set new gambling standards in online gambling.

How much you can earn with Cisco DEVNET Associate certificate

How much you can earn with Cisco DEVNET Associate certificate?

pay-per-call-leads

Reasons to Use Pay Per Call Marketing for Your Business

Gopuff Founders Rafael Ilishayev and Yakir Gola

Commentary: Diving into mass market expansion to meet unprecedented consumer demand for fast delivery of food and other consumer staples.

California Business Journal | California Business News, California News Media, California business articles | Orange County, Los Angeles, San Diego, Inland Empire, Northern California, San Francisco | Huntington Beach CA 92649 | (949) 648-3815
ALL RIGHTS RESERVED BY CALIFORNIA BUSINESS JOURNAL.
Site Design by 1REALTOUR

No Result
View All Result
  • Front Page
  • Business
  • Finance
  • People
  • Featured
  • Technology
  • Law
  • News
  • Food
  • Art & Culture
  • Human Interest
  • Education
  • Insurance
  • Real Estate
  • Health & Fitness

California Business Journal | California Business News, California News Media, California business articles | Orange County, Los Angeles, San Diego, Inland Empire, Northern California, San Francisco | Huntington Beach CA 92649 | (949) 648-3815
ALL RIGHTS RESERVED BY CALIFORNIA BUSINESS JOURNAL.
Site Design by 1REALTOUR