Just got a message from my State Senator touting the latest US Treasury backed California relief from foreclosure program that will be funded by the US Treasury for those who are unemployeed to "SAVE" their home from foreclosure....well maybe not.
To qualify for Keep Your Home's Unemployment Mortgage Assistance program, homeowners must be eligible for unemployment benefits, meet income guidelines, live in their home, and be fewer than 90 days behind on their mortgage payments. For borrowers who have refinanced their loans, only those who did so to change the interest rate or the length of their loan are eligible; the assistance is not available to borrowers who refinanced in order to pull cash out of their property.
At first I was concerned but then I actually read the requiremetns in the guidelines. If you are on unemployment I guarantee you will not "meet the income guidelines". This is just another smoke and mirrors attempt to make us think they care.
I think I am gonna nick name this one HUMA and it will go down in flames as sure as HOPE, HARP, HAMP, and HAFA before it did with a failure rate of over 75% to date.