With $300 million already given out to 10,000 homeowners, as much as $700 million worth of aid remains available for borrowers who qualify for the program, which was created in December 2021 using federal dollars from the American Rescue Act.
California foreclosures remain at one of their lowest rates over the last two decades, with only 0.12% of homes in foreclosure as of last November, the most recent monthly data available, according to housing data firm CoreLogic. That compares to a high of 3.21% of homes in November 2010, during the last housing bust. Nevertheless, California families did face financial hardship during the pandemic, the CoreLogic data shows, with 3.
Under the expansion of California’s mortgage relief program being unveiled today at a Sacramento nonprofit: Homeowners can use the program to pay off second home loans, or loan deferrals, that they negotiated in the midst of the pandemic. While the program was previously only available for people who had missed at least two mortgage payments and at least one property tax payment before last summer, it will now be available to those homeowners until March 1.
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