What are the eligibility requirements for California’s new COVID mortgage relief program?

The eligibility requirements for California’s new COVID mortgage relief program are tailored to assist homeowners who have been seriously affected by the pandemic. To qualify, applicants must meet the following criteria:

• Income Limits: The household income must not exceed the median income level for the area. For example, in Los Angeles County, households must earn less than $118,200 for a family of four.
• Primary Residence: The home for which assistance is requested must be the applicant's primary residence.
• Mortgage Payment Status: Applicants should be behind on their mortgage payments and not currently engaged in a negotiated repayment plan or loan deferral with their lender.
• Acceptance of Other Aid: Homeowners who have previously received governmental assistance or loan forbearance still remain eligible to apply for the relief program.

Additionally, the program extends help to individuals holding reverse mortgages who have fallen behind on property tax or insurance payments. Given the wide range of qualifying conditions, it’s beneficial for all affected homeowners to explore their eligibility and take action promptly.