If your loan was delinquent when you were approved for Unemployment Mortgage Assistance, Keep Your Home California may bring your loan current before making regular monthly payments. Payments are applied by the servicer in accordance with their policies and procedures. In all cases, the homeowner must have a remaining balance in their Unemployment Mortgage Assistance program reserve that is equal to or greater than six (6) first mortgage payments after their loan was reinstated and meet other program guidelines.
The programs vary in what they can offer. In some cases direct financial assistance may be provided to help you pay your mortgage for a short period of time. Payment plans or reduced monthly payments may be offered. However most of the government programs and non-profit organizations will help facilitate some form of loan modification to qualified homeowners. This will provide families time to get back on track by ideally lowering their monthly payment, reducing interest rates or waiving fees.