Tuesday, March 13, 2012

New Housing Scam Emerges; California Homeowners Beware.

If you're applying for the $2 billion state-run program that helps struggling borrowers, remember, the process should be free from start to finish.
State officials have noticed an emerging scam: Callers say they will help homeowners apply for Keep Your Home California benefits for fees of up to $900. The calls are happening statewide.
Applying for the program is free.
California, one of the hardest-hit states in the U.S., launched Keep Your Home California last year to help folks who’ve lost their jobs, seen their companies move away, or watched their home equities plummet from price-boom highs. The idea is to catch them up on mortgage payments, help them relocate after a short sale and cut their principal, by far the most controversial part of the program.
So far, it's helped about 12,000 borrowers, reflecting more than $200 million in aid. Read some of their stories here.
Officials with Keep Your Home California, a program run by the California Housing Finance Agency, encourage Californians to call 888-954-5337 instead of taking phone calls from solicitors about the program. You can also visit keepyourhomecalifornia.org.

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Written by
Lily Leung
12:56 p.m., March 7, 2012
Updated 1:10 p.m.

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