Get Mortgage Assistance From the Housing Finance Agency in California

California ranked third in the highest number of foreclosure filings among all states in the country; as a matter fact in 2009 alone, the foreclosure rate in California rose to 60 percent; that is 16 in every 100 houses! The good news is that foreclosures in the state have declined during the first quarter of 2010. However, the number is still considerably high if you base it on historical standards. To address this persisting problem, the Obama administration has agreed on a strategic plan in giving mortgage assistance to homeowners living in these five hardest hit areas.

The department of treasury allotted billions of dollars in order to extend financial help, if you need counseling on how to qualify for mortgage assistance in your area, you may go the Housing Finance Agency in California. The Housing Finance Agency is a government housing department in the state of California which aims to save houses and help homeowners afford their mortgages by providing opportunities in modifying troubled borrowers' loans.

If you need someone to answer your foreclosure questions, you may go directly to their office and ask for the help of an HUD-certified housing counselor. That way, you do not have to spend your remaining cash on legal counseling to some private lawyer or loan modification expert. A state counselor is being paid by the government in order to answer every homeowner's question and provide sound advice to those borrowers currently in default.

California's Housing Finance Agency is under the supervision of the Housing and Urban Development which passes its relief plan to the U.S. Treasury Department for further approval. Currently, the agency is focusing more on providing low cost housing to families with low to moderate income. The Keep Your Home California programs were launched by the CalHFA with an objective of assisting in community revitalization and preserving the American dream of home ownership especially to troubled borrowers in the state.

Some of the agency's missions are to: help homeowners remain in their respective homes especially when the reason of default of payment is unemployment, death of a spouse, and other uncontrolled circumstances; another is to submit strategic plans to the federal government in order to obtain funds for their citizens; and lastly, to deliver such funds more efficiently to help reduce the number of foreclosure filings in the state.