The California Mortgage Relief Program was launched in response to the economic downfall caused by the COVID-19 pandemic. The program aims to provide financial help to homeowners who are struggling to make their rent payments due to pandemic-related financial hardships.
The California Mortgage Relief Program offers various options for homeowners, including loan modifications, forbearance, and principal reductions.
One of the main features of the California Mortgage Relief Program is the provision of forbearance. This means that homeowners who are experiencing financial difficulties due to the pandemic can temporarily suspend their mortgage payments without incurring late fees or penalties. This can be a lifesaver for those who have lost their jobs or had their income significantly reduced due to the pandemic.
In order to assist even more homeowners who have struggled to make their mortgage payments because of the COVID-19 pandemic, the program has also extended other eligibility requirements.
Homeowners in Orange County are being informed by Treasurer Shari Freidenrich that the California Mortgage Relief Program will now handle current-year delinquencies for delinquent property tax assistance. The program will now cover any past-due first monthly payments for the current year as well. Previously, it was only able to pay back past-due taxes from previous years.
The California Mortgage Relief Program offers money to eligible homeowners to make up missed mortgage or property tax payments as a result of a “Qualified COVID-19 Financial Hardship,” such as a significant drop in income or a significant rise in living expenditures, including medical costs.
| Summary of the FY 2022 HAF Income Limits for the Santa Ana-Anaheim-Irvine, CA, HUD Metro FMR Region | ||||||||||
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1-Person
|
2-Person
|
3-Person
|
4-Person
|
5-Person
|
6-Person
|
7-Person
|
8-Person
|
|
||
|
150% AMI
|
$142,300
|
$162,600
|
$182,950
|
$203,250
|
$219,550
|
$235,800
|
$252,050
|
$268,300
|
||
According to Orange County Treasurer Shari L. Freidenrich, residents have undoubtedly been affected by the post-Covid economy’s soaring prices. “The California Mortgage Relief Program is a resource for qualified homeowners experiencing financial hardship, and I urge those who may benefit from it to consider applying.”
If a homeowner in Orange County has a “Qualified Financial Hardship,” the program may be able to help them if their household income is at or below the county income limit (150% of Orange County’s Area Median Income (AMI), according to federal limits set for this program). Other counties’ eligibility can be checked using the online calculator at CaMortgageRelief.org. The website for California Mortgage Relief has a complete term sheet for the service.
The California Mortgage Relief Program provides financial aid in the form of a non-recourse award, so repayment is not necessary. The good news is that homeowners who may have fallen behind now have some breathing space to catch up, according to Freidenrich.
A maximum of $20,000 in delinquent property tax assistance may be granted to qualified homeowners who submit numerous applications. Owner-occupied single-family houses, condos, 1-4-unit properties, and permanently affixed mobile homes are all examples of eligible properties.
As long as they haven’t gone over their allotted amount of help, homeowners who have already been awarded a grant from the California Mortgage Relief Program are still qualified for coverage. On the basis of revised qualifying requirements, applicants who had previously been rejected might still be eligible.
Find out if you qualify for the California Mortgage Relief Program by checking camortgagerelief.org if you have missed at least one property tax payment by March 1, 2023. To view the fact sheet, scan the QR code below. To get assistance with application issues, contact 1-888-840-2594.
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