Monday, June 27, 2011
I found some more information on the programs now offered by the State of California. You can click on the links to take you to the State's programs. Here is a description of what they offer. If you need help applying please contact us and we might be able to help.
Unemployment Mortgage Assistance Program (UMA) – Intended to assist homeowners who have experienced involuntary job loss. UMA will provide temporary financial assistance in the form of a mortgage payment subsidy of varying size and term to unemployed homeowners who wish to remain in their homes but are in imminent danger of foreclosure due to short-term financial problems. These funds can provide up to six months of benefits with a monthly benefit of up to $3,000 or 100% of the existing total monthly mortgage, whichever is less.
Mortgage Reinstatement Assistance Program (MRAP) – Intended to assist homeowners who have fallen behind on their mortgage payments due to a temporary change in a household circumstance. MRAP will provide limited financial assistance in the form of funds to reinstate mortgage loans that are in arrears in order to prevent potential foreclosures. These funds can provide benefits of up to $15,000 per household.
Principal Reduction Program (PRP) – Intended to assist homeowners at risk of default because of an economic hardship coupled with a severe decline in the home’s value. PRP will provide capital to reduce outstanding principal balances of qualifying borrowers with negative equity. Principal balances will be reduced in an effort to prevent avoidable foreclosures and promote sustainable homeownership. The principal reduction program will most likely be a prelude to loan modification. (Servicers that contribute through matching funds increase the benefit for homeowners).
Transition Assistance Program (TAP) – Intended to promote community stabilization by providing homeowners with relocation assistance when it is determined that they can no longer afford their home. TAP will be used in conjunction with a servicer-approved short sale or deed-in-lieu of foreclosure program in order to help homeowners transition into stable and affordable housing. Homeowners will be responsible to occupy and maintain the property until the home is sold or returned to the servicer as negotiated. Funds will be available on a one-time only basis.
Saturday, June 18, 2011
4. IRS or Franchise Tax Board Audit, issuance of a notice of tax deficiency or a demand for tax returns;
5. COMMERCIAL LEASES: If your lease is expired, a bankruptcy won't stop eviction proceedings.
6. As I said above, a FORECLOSURE if there is an order entered in Prior Two Years giving relief from stay.
7. EVICTION JUDGMENT. Note this is an important one. If you have lost your house in foreclosure, you can stay the case if there has not been entered a judgment. But if Judgment has been entered, the Bankruptcy will not stay the Sheriff's lock out. There are some exceptions where some local Sheriff's departments won't do a lock out in the face of a bankruptcy.
Call me if you need me! Have a great weekend!