As a homeowner in California, you may be eligible for some much-needed relief through the CalHFA loan forgiveness program. This program is for individuals whose income is below the median income for the locality in which they’re residing. The program is not advertised, but it’s a great way to get some much-needed help to keep your home during tough times!
The CalHFA loan forgiveness program offers generous amounts of mortgage relief, up to $50,000 per household; depending on the financial need of the applicant.
Once you’ve applied and enter the program, you can qualify for up to three years of loan forgiveness at once. This means that you won’t have to worry about making your mortgage payments while being able to keep your home. You must pay a part of the loan each month during the loan forgiveness period. However, the amount you’d pay per month is less than the amount you were paying. Also, the program also offers several other financial incentives.
For instance, if you’re approved for loan forgiveness, you won’t owe taxes on the forgiven debt. You’ll enjoy the financial incentives of the program, such as loan forgiveness, no taxes to pay on the forgiven debt, and other programs available to you. Don’t miss out on this amazing opportunity – explore the CalHFA loan forgiveness program today.
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