This is great news for those who are among the hardest hit in this economy. Unemployed homeowners can now apply to receive up to $3,000 per month to make their mortgage payments. The money comes from a program called Keep Your Home California.
Homeowners may qualify if they have a low-to-moderate income, are currently receiving unemployment benefits, and are still living in their homes.
The program will pay monthly benefits for up to six months, for a total of $18,000.
"And the goal of this whole thing is to help keep them in their home during a time when they've lost their income and obviously lost their ability to make their payment," says Steven Spears, executive director of the California Housing Finance Agency.
About 60,000 homeowners are expected to receive benefits-- still just a fraction of the $2.2 million who are underwater on their mortgages.