FEBRUARY 2017
KeepYour HomeCalifornia | Newsletter

Keep Your Home California Celebrates Six Years of Helping Homeowners  
February is an important month for Keep Your Home California. The four first-mortgage assistance programs were fully implemented on February 7, 2011 and our fifth program, the Reverse Mortgage Assistance Pilot Program, was announced in February 2015.

In February 2016, the United States Department of the Treasury announced that Keep Your Home California, along with other Hardest Hit Fund states' programs would receive additional funding and the program was extended until December 31, 2020. Another milestone in Keep Your Home California's history occurred this February, when the program officially surpassed 70,000 households helped across the state.

The California economy and housing market have experienced a lot of change since 2011 and the Keep Your Home California programs have evolved with that change to continue to meet the needs of struggling California homeowners. One thing that has not changed since program inception is our goal to help as many homeowners as possible prevent foreclosure.

While the economic recovery in California is in a much better place today than it was when the program was launched, there are still many people across the state who are struggling with their mortgage payments due to a financial hardship.

We will continue to do what we can to raise awareness about the programs - which is something you could help us with. Maybe you don't need the assistance Keep Your Home California has to offer, but chances are you know someone that does.

If you know someone struggling with their mortgage payments, please share this newsletter with them. You, too, may be able to help someone Keep Their Home! 


Tax Season Questions and Answers
Tax season is upon us, which means homeowners who qualified for Keep Your Home California assistance in 2016 need information about the program and may have questions. The Frequent Questions webpage addresses several of the most-asked questions from homeowners regarding the program and taxes. Below are some of the questions and answers from the "1098-MA Tax Statement" section of the Frequent Questions webpage.
1098-MA Tax Statement:
  • In order to prepare my personal income taxes, I need CalHFA Mortgage Assistance Corporation's tax ID number. What is the number?
    •  CalHFA Mortgage Assistance Corporation's tax ID number is 27-2860498.
  • I didn't receive or I lost my 1098-MA statement from Keep Your Home California, can I get another one?
    • Yes. For a duplicate copy of your 1098-MA please call the Keep Your Home California processing center at 888-907-9959.
       
  • I prepare my own taxes each year. Where can I obtain information on the 1098-MA statement?
  • Does the 1098-MA replace the 1098 tax document that I get from my mortgage servicer?
    • No. They are two separate documents.
Homeownership 2017 - Fresno Regional Workshop
Representatives from Keep Your Home California and the California Housing Finance Agency will participate in the Fresno Regional Workshop on March 22, 2017 to discuss homeownership programs and opportunities. The event is sponsored by the California Association of Local Housing Finance Agencies (CAL-ALHFA) and will be held at Park Grove Commons in Fresno. For more information, or to register to attend, visit http://calalhfa.org/fresno-regional-workshop/.
Funding
(as of Feb. 27, 2017)

Programs
  
Homeowners Assisted
Total Amount Distributed
Unemployment Mortgage Assistance
46,097   
$791,214,377.16
Principal Reduction Program
10,497   
$641,142,614.89
Mortgage Reinstatement Assistance Program
12,286    
$184,449,614.34
Reverse Mortgage Assistance Pilot Program
578
$7,210,796.21
Transition Assistance Program
1,015    
$3,601,494.94
Total Program
Funds Allocated
70,473   
$1,627,618,897.54
Recent Blog Post:

$2.5 billion economic benefit from Keep Your Home California
Keep Your Home California has helped more than 70,000 homeowners prevent foreclosure during the past six years. However, all Californians benefit from the free mortgage-assistance program.

Statewide, Keep Your Home California had an economic multiplier effect of 2.0, meaning for every $1 funded to help homeowners another $2 was preserved, according to The Economic Impact of Keep Your Home California: A Statewide and Regional Analysis report from Dr. Joseph C. Von Nessen of the University of South Carolina's Darla Moore School of Business. Dr. Von Nessen analyzed the economic impact of Keep Your Home California for the period from 2010 through 2015,. The 40-page report includes data for each city and county, from Calexico to Crescent City.

Keep Your Home California
has a far-reaching effect on the statewide economy beyond just helping homeowners, preserving $2.5 billion worth of economic activity during the first five years of the program. The figure includes preserving jobs, generating tax revenue and protecting property values of assisted and nearby homeowners.

Read More    
Success Story: Erin P.
'Once you have a child in school, that's their community'

Homeowner Erin P. and her husband were rather reluctant to apply for Keep Your Home California.

"There was a stigma of accepting something for free," says Erin, who lost her good-paying job of 27 years - along with many other coworkers - in early 2016. "It's a humbling experience. But the fact is it's there; Keep Your Home California is available to help."

She learned about the free mortgage-assistance program from an agency provided by her former employer. But, like many homeowners, she was hopeful about finding a job and their financial situation was probably better than others, at least for the short-term.

Read More
Monthly Question & Answer

Q: What type of hardships will be considered?
A: If you have suffered a severe reduction in your household income or an increase in expenses beyond your control, these hardships will be taken into consideration. Hardships include: unemployment, underemployment, death in the family, significant medical bills, divorce and severe negative equity, among others. Severe negative equity is considered a hardship indicative of imminent default for the Principal Reduction Program only.
  
Water Saving Tips

Taking five-minute showers instead of 10 minute showers saves 12.5 gallons with a low flow shower head, 25 gallons with a standard 5.0 gallon per minute shower head.

Turning off the water while washing your hair saves up to 150 gallons per month.

For more tips on what you can do to save water, please visit the Save Our Water website.
To see all Servicer Scorecards, please visit the Participating Servicers webpage.
Upcoming Events 
March 2, 2017
11:00am - 3:00pm
Veterans Job Fair
San Diego, CA
March 9, 2017
11:00am - 3:00pm
Veterans Job Fair
San Jose, CA
March 11, 2017
9:00am - 2:00pm
Educational Seminar for Families with Reverse Mortgages
Garden Grove, CA
March 18, 2017
8:00am - 4:30pm
Homebuyer Education Workshop
Los Angeles, CA
March 18, 2017
8:30am - 4:30pm
Homebuyer Education Workshop
Oxnard, CA
March 18, 2017
8:30am - 5:30pm
Homebuyer Education Workshop
Ventura, CA
March 22, 2017
6:00pm - 7:30pm
Home Retention Clinic
Los Angeles, CA



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www.KeepYourHomeCalifornia.org - 888.954.KEEP(5337)