The qualify for Unemployment Mortgage Assistance, the San Jose Home owner has to meet the following criteria:
1) The program is tailored for first Mortgage amounts that do not exceed $729,750.00 of un-paid principal balance.
2) The general eligibility is determined by CalHFA MAC on 1st come 1st serve basis.
3) Similar to a Short Sale, the San Jose home owners must prove financial hardship letter.
4) Home owners monthly mortgage payment (Principal, interest, taxes, and insurance) must exceed 31% of the owners GROSS monthly income.
5) Home owners must be receiving Unemployment from California Employment Development Department (EDD).
6) Mortgage should be at serious risk of imminent defaults as substantiated by the lender and home owners documentation.
7) The program pays up to $3,000 per month towards the home owners mortgage. Total household assistance is capped at $36,000 per household.
8) The program assistance can last up to 12 months.
9) Not every Mortgage Servicer is participating in this program.
10) The program has qualified more than 28,108 California home owners which is awesome news.
11) The applicants must owner and occupy the Single Family Home or 1-4 unit home. Moblie homes can also qualify under certain conditions.
Some of the major exclusion and exception for the program are:
1) Owners has filed bankruptcy.
2) A Notice of Default has been filed and recorded on the property.
3) Loan is foreclosed and an Notice of default has been recorded.
The program is a welcome relief to home owners needing more time to recover from the challenging recession that appears to have much more staying power than most of us would like. And with anemic hiring that is continuing to hamper the recovery we anticipate this program will run out of money before long.
So, if you are considering a Short Sale of your home, but only need help for a few months, then you owe it to yourself to contact this program to see if you will qualify for Unemployment Mortgage Assistance.
Contact Us if you need help applying for this program.