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California Foreclosure Prevention Program Gets Support of 20 Servicers

The California Housing Finance Agency said Wednesday that 20 mortgage servicing companies are now participating in the state’s Keep Your Home California program to assist families struggling to remain in their homes and avoid foreclosure.

The $2 billion program is funded with federal dollars allotted through the U.S. Treasury’s Hardest-Hit Fund initiative, which provides money to states where home prices have experienced the steepest drops or unemployment rates have risen above the national average.

The number of servicers participating in the California program has grown to 20 from the initial eight that were signed on when it was implemented in February. These 20 banks service about 80 percent of the mortgages held by California homeowners.

“Increasing the number of participating servicers is critical because we need their partnership to assist...Click Here for the rest of the story

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