The Principal Reduction Program* provides assistance to eligible homeowners who have experienced an economic hardship coupled with a severe decline in the home's value.

Homeowners who qualify for the PRP could be eligible for up to $50,000 in assistance from Keep Your Home California. The PRP requires a dollar-for-dollar match from the participating servicer, so the total amount of reduced principal could be up to $100,000.

*Although Bank of America is listed as a participant in the Principal Reduction Program, their participation is limited to homeowners who also meet the eligibility requirements for the federal Home Affordable Modification Program (HAMP). To learn more, click here.