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"The median monthly payment reduction for borrowers enrolled in
the (HAMP) program is $522" - DSnews.com

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The Keep Your Home California Program


The state of California has developed a new program for distressed homeowners called "The Keep Your Home California Program." This program could potentially help out 100,000 homeowners who are either facing foreclosure, or are underwater borrowers. Underwater borrowers are homeowners who owe more on their home, than what it is actually worth.  The banks have to agree to the new program. At this time only ALLY Mortgage has agreed to assist homeowners who owe more on their home than what it is actually worth. Bank of America stated that they would like to participate in the program, but they have not come to an agreement at this time.