California Extends Mortgage Protection Program to December 2010

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(LOS ANGELES, CA) -- The California Association of Realtors (C.A.R.) announced this week that they are extending its Mortgage Protection Program (MPP) for first-time home buyers through December 31, 2010.  To date, Program has benefited more than 3,100 first-time home buyers in California, and at no cost to the consumer.

Offered by C.A.R.'s Housing Affordability Fund (C.A.R.H.A.F.), MPP provides up to $1,500 per month, for up to six months, to eligible first-time home buyers who lose their jobs due to layoffs.  The funds are intended to help consumers meet their mortgage payment obligations.  Qualified co-buyers also can participate in the program, and receive monthly benefits of $750 per month for up to six months.

"The home-buying process can be one of the most stressful periods in a person's life," said C.A.R. President Steve Goddard.  "It also is one of the largest financial transactions most people make in their lifetime.  Our goal with the C.A.R.H.A.F. Mortgage Protection Program is to help alleviate some of the anxiety home buyers feel when purchasing a home by providing a layer of security."

First-time home buyer Giovanni Sedda was in the process of purchasing a home in Sacramento, Calif. when he heard about the C.A.R.H.A.F. Mortgage Protection Program from his Realtor, Erin Attardi of Lyon RE Sierra Oaks in Sacramento.

"We are thrilled to be spending the holidays in a home of our own," said Sedda.  "The Mortgage Protection Program offers me and my family additional security in the event that I lose my job, and it's even better that it's a free program."

To apply for the program, home buyers must request an application for the C.A.R.H.A.F. Mortgage Protection Program from their Realtor.

The California Association of Realtors Housing Affordability Fund (C.A.R.H.A.F.) is a non-profit 501(c)(3) organization. It receives donations primarily from Realtor members and Realtor associations committed to addressing housing challenges in California. C.A.R.H.A.F. raises and distributes funds and partners with other groups to promote housing and homeownership, and address housing opportunities locally and statewide.

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