HAMP / Obama Loan Modification Program

With as many as one in five California homeowners behind on mortgage payments, nearly $1.2 billion will become available Nov. 1 to help low- and moderate-income families stay in their homes, officials said Wednesday.
Administered by the California Housing Finance Agency, the Keep Your Home program will provide funding for home-loan modification programs to help troubled mortgage holders. The plan calls for the money to be paid to banks and other lenders to cover the costs of reducing a borrower's principal, along with an incentive for participating in the program.

The program will become available on November 1, 2010 and is expected to help over 80,000 homeowners over 3 years.