Los Angeles, CA

Los Angeles Mortgage Relief is Here

David Clark

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Arroyo View Estates Highland ParkDavid Clark

One of the most important aspects of being a residential real estate advisor is empowering my clients with both the tools and the most current information that is available through the State of California and the California Association of Realtors. The hardest part of this humbling opportunity to serve is the stories that I have heard from fellow neighbors and residents through our pandemic. The struggles that you’ve shared with keeping your families fed, children in school and the horror stories of tenants who have abandoned their legal obligation to pay rent forcing you deeper into your savings and to the brink of losing your homes.

California Mortgage Relief Program Eligible Homeowners

At last nearly $1 billion in mortgage relief funds are now available to California homeowners who have fallen behind with their housing payments during the current pandemic. Homeowners that qualify will not have to repay the funds that are awarded. The California Mortgage Relief Program is funded by the 2021 American Rescue Plan Act’s Homeowners Assistance Fund. The program will be provided to homeowners through the CalHFA Homeowner Relief Corporation as part of the state’s

Housing is Key initiative. Up to $80,000 in individual grants are available to owners behind on their mortgage payments. The one-time grants are part of a new federally-funded program to aid homeowners facing the threat of foreclosure because of lost income during the pandemic. Grants are available only to homeowners who earn the median income or less in their area, are two months or more behind on their mortgage and who can attest to suffering a COVID-19-related financial impact. Assistance will be provided only for an owner’s primary residence, and the home must be either a house, townhome, condo or permanently affixed manufactured home. You can find more information regarding eligibility here at the California Housing Finance Agency. This funding is part of a $10 billion federal homeowner relief package included in the American Rescue Plan approved last March. This is on top of forbearance programs that allowed homeowners to defer mortgage payments for up to 15 months.

While all of these measures are beneficial and important, putting a bandaid on an open wound requires more. With a 3-year eviction ban and legalized squatting, families are losing their life savings. Landlords are paying a mortgage, tax, and insurance with no income. While tenants have received nearly $2 billion dollars in relief with little to know requirements, landlords in Los Angeles County have received less than half, with vast limitations and added bureaucracy. This orchestration holds forth what the real precipice is that is taking place which has little to do with money and all to do with constituent votes.

Further Resources for Landlords:

The California Apartment Association:

  1. Rental Forms
  2. Tenant Screening
  3. Helpline
  4. Industry News

Mortgage Relief and Foreclosure Resources

Foreclosure

Loan Modification

Fraud Warnings

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A passion for California history, writing, architectural preservation, and extensive sales background drew me into becoming a residential real estate advisor. Above all else service to the communities I live in and explore.

Los Angeles County, CA
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