The Transition Assistance Program has been around for a few years. But, with all of the short sale incentive programs available, lots of folks that needed this program may not have taken advantage of it.
Now, however, with many incentive programs a thing of the past, it’s time to take another look at the Transition Assistance Program.
Distressed California Homeowners May Qualify for California’s Keep Your Home California Transition Assistance Program (also called TAP)
If your financially distressed California clients can no longer afford their homes and are pursuing a short sale or a deed-in-lieu of foreclosure, they may be eligible for financial help with their relocation to alternative housing. The funds come from TAP, part of the Keep Your Home California Program.
Through this program, the state of California provides up to $5,000 in transition assistance to qualified homeowners who can no longer afford to stay in their homes.
If you have short sale sellers who want to know whether they will qualify, you can help by advising them to do the following:
- Apply for the funds through their state’s website or by calling 1.888.954.5337.
- Maintain their property until their house is sold or returned to the lender via a negotiated deed-in-lieu of foreclosure.
For qualified homeowners, these state funds may be used in addition to any other transition assistance that the homeowner may receive by participating in the Federal Home Affordable Foreclosure Alternatives (HAFA) program or in any other pre-offer short sale program.
To learn more about the Transition Assistance Program’s guidelines, and how your clients may qualify, please visit the Keep Your Home California Website or contact our office for additional information.