Will the RevMAP Promissory Note and Deed of Trust both be forgiven?

Yes, at the conclusion of two years the Promissory Note will be forgiven and Deed of Trust will be released, however; if, during the two year term of the Promissory Note, your first mortgage loan is refinanced and you receive cash out OR if the property is sold with sufficient net proceeds to pay off all or any part of the CalHFA MAC loan, the Promissory Note will be required to be paid.

  • If you subsequently sell your home for less than the total amount owed, you will receive additional consideration from Keep Your Home California. Any amount paid to satisfy your Promissory Note as a part of a servicer-approved short sale or Deed in Lieu transaction will be received from the first mortgage lien holder; not you.