Happy Holidays from the Team at Keep Your Home California
Wishing you and yours a happy, healthy, and peaceful holiday season!
2016 Third Quarter Report
The 2016 third quarter "Quarterly Performance Data Report" was recently posted on the Keep Your Home California website and the charts on the Reports and Statistics webpage were updated with the new information. The report describes recent progress for Keep Your Home California, as we head into the final quarter of 2016. Some of the highlights from the report include:
Upcoming Holiday Closures
In the coming weeks, the Keep Your Home California call center will be closed two days in observance of holidays. The call center will be closed on Monday December 26 (Christmas Day observed) and on Monday, January 2 (New Year's Day observed). Regular business hours will resume on the Tuesday following each of the holiday closures. You can find a complete list of the dates the call center is closed on our
Before You Call webpage.
(as of December 15, 2016)
Total Amount Distributed
Unemployment Mortgage Assistance
Principal Reduction Program
Mortgage Reinstatement Assistance Program
Reverse Mortgage Assistance Pilot Program
Transition Assistance Program
Recent Blog Post:
What is not an acceptable hardship for Keep Your Home California?
Keep Your Home California was established to help homeowners avoid foreclosures brought about by financial hardships. Simply put, a financial hardship is an event beyond the homeowners' control, which negatively impacts their ability to pay their mortgage.
Keep Your Home California offers multiple programs to address the unique circumstances homeowners face, whether they are in the midst of their financial struggles or they have recovered from a hardship and need help to catch-up to regain their financial footing.
After almost six years of the free foreclosure prevention program, many homeowners are aware of the most common eligible hardships - a job loss, cut in pay, divorce or extraordinary medical expenses.
However, there are other challenges that could be considered a financial hardship and counselors review those requests. We often get questions about what constitutes an eligible financial hardship and quite a few homeowners call with challenges that do not qualify for the state-managed program.
"We were in huge financial distress ... I can't thank you guys enough."
When Vinh L. was laid-off in early 2016, he contacted his mortgage servicer and asked about options for lowering his monthly payment.
Chase Bank, one of the largest mortgage lenders in the state, began working with Vinh on his mortgage. But a Chase representative also educated Vinh about Keep Your Home California, encouraging him to apply for the free mortgage-assistance program.
Vinh applied for the state-managed program while also moving forward with a loan modification application from Chase.
"I didn't know much about Keep Your Home California," says Vinh, who lives in the San Francisco Bay Area. "It was a very easy process. They were very courteous and patient. I was very pleased with how the program worked."
A: No, Keep Your Home California will not pay property insurance and/or property taxes unless they are included in the total monthly first lien payment you are required to pay your servicer. However, Keep Your Home California will pay delinquent insurance and/or property taxes provided these amounts have been advanced (paid) by the first mortgage servicer.
When a Homeowner is approved to receive Unemployment Mortgage Assistance (UMA) payments, Keep Your Home California will:
Pay ONLY the amount of the Homeowner's contractual first mortgage payment.
If the contractual first mortgage payment INCLUDES property taxes and/or insurance, these amounts will be included in the UMA payment (principal, interest, tax, insurance, as applicable) that is sent directly to the first mortgage servicer.
If the contractual first mortgage payment DOES NOT include property taxes and/or insurance, these amounts will not be included in the UMA payment that is sent directly to the first mortgage servicer.