Jobless Entitled To Federal Mortgage Benefits
Califoria received $2 Billion from the federal government’s Hardest Hit Program whih can pay upto 9 months of mortgage payments for the unemployed. From this came the California Keep Your Home Program. While the program has been in effective for a year bureaucratic red tape prevented the jobless from being informed about it.
Now at least the Employment Develeopment Department has mailed the information to the 11 million jobless in the state. Because of the lack of intormation only 2% of the funds had been disbursed by the end of last year
The program initially had two componeents the $772 million principal reduction programs which was to encourage banks to write down mortgages in a dollar to dollar match. However Bank of America was the only big bank to sign up for the program.
The emphasis has now switched to helping jobless make mortgage payments with a smaller amount for helping homowners who have fallen behind catch up on their payments.
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