A $2 billion state program that could save 100,000 homeowners from falling into foreclosure has provided relief to borrowers, but some critics wonder if the relief is too little, too late.
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.
“Our goal is really simple: to help as many people as possible as quickly as possible,” said Evan Gerberding, spokeswoman for the California Housing Finance Agency, which runs the statewide program.
Those who pan the program say the assistance, funded by taxpayer dollars, isn’t enough to stem a crisis that shoved California into third place in foreclosure filings last year, with foreclosure-ridden Nevada and Arizona leading, based on recent numbers from Irvine-based data company RealtyTrac. The latest numbers from DataQuick show close to 9,500 homeowners in San Diego County alone were foreclosed upon from January to November 2011.
Read more at: http://www.utsandiego.com/news/2012/jan/21/help-may-be-past-due/
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