(03/11/2011) Many consumers all over the country are struggling to pay their mortgage bills due to the loss of a steady income, but individuals in some states may be able to qualify for federal programs designed to help them meet their monthly home loan obligations.

California will extend six months of mortgage assistance to about 100,000 state residents, according to a report from Fox News. The program, called Keep Your Home California, will give a maximum of $50,000 to each qualifying home owner, totaling about $2 billion in benefits overall.

However, many government assistance programs are often difficult to qualify for, and troubled homeowners may have an easier time reducing their monthly payments by refinancing their mortgage instead. By searching for the latest online rate tables, consumers can find the best mortgage rates for a new home loan and save hundreds of dollars a month.

"We do think the problem is bigger than a $2 billion problem," Diane Richardson, of the California Housing Finance Agency, told the news agency. "There is no doubt about it. There are a lot of homeowners in California that are in trouble, but we think helping 100,000 homeowners is not an insignificant number."

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