The 2016 fourth 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 closed out calendar year 2016. Some of the highlights from the report include:
Income Limits Updated
Earlier this month, the Keep Your Home California
Income Limits were increased for all California counties to better reflect the high cost of living for low and moderate income families throughout the state. This change will allow the program to help more homeowners struggling with their mortgage payments.
Keep Your Home California is designed for low and moderate income homeowners. In order to qualify for assistance, applicants' household income must be below the program income limits for the county in which they live.
With the recent increases, there may be homeowners who previously did not qualify for assistance who now qualify. To find the updated income limit for your county, please visit our
Income Limits webpage.
Wells Fargo Partnering with BALANCE & KYHC on Home Preservation Workshop
Wells Fargo will host a free Home Preservation Workshop to assist customers facing difficulties making their mortgage payments and learn about their options 9 a.m. to 5 p.m. April 5 at the Wells Fargo branch at 2601 Somersville Road in Antioch.
Wells Fargo representatives and BALANCE counselors will offer free assistance to homeowners dealing with mortgage payment issues. Attendees will be able to apply for Keep Your Home California at the workshop.
The first-of-its kind event at a Wells Fargo branch office will allow customers with mortgages to learn about options to help overcome payment challenges, keep their home, avoid foreclosure, and get back on track with their payments.
Wells Fargo Vice President of Mortgage Market Outreach, Martin Sanchez, authored a special guest blog to reiterate the importance of collaboration in foreclosure prevention efforts and to detail the upcoming event.
Call Center Closed on March 31
In observance of Cesar Chavez Day, the Keep Your Home California call center will be closed Friday, March 31. Regular business hours will resume on Saturday, April 1.
You can find a complete list of the dates the call center is closed on our Before You Call webpage.
(as of Mar. 24, 2017)
Total Amount Distributed
Unemployment Mortgage Assistance
Principal Reduction Program
Mortgage Reinstatement Assistance Program
Reverse Mortgage Assistance Pilot Program
Transition Assistance Program
Recent Blog Post:
Goodbye HAMP, hello Keep Your Home California
While many Americans cheered, made soon-to-be broken resolutions, raised a glass for a celebratory toast, or sang Auld Lang Syne to ring in 2017, a popular and successful federal mortgage-assistance program essentially ended with little ceremony on New Year's Eve.
Home Affordable Modification Program (HAMP) started in February 2009, at the height of the foreclosure crisis. Since then, the Making Home Affordable-managed program has assisted more than 2 million Americans struggling financially and faced with the very real possibility of losing their homes.
But as HAMP fades away,
Keep Your Home California and its
Principal Reduction Program will continue to help homeowners in the state faced with financial hardships and hard-to-make mortgage payments through 2020, or until all the funding is used, whichever comes first.
Keep Your Home California, also federally funded, shares the mission of helping homeowners to remain in their homes. There are five unique programs that make up Keep Your Home California, designed to address the different circumstances homeowners face that could lead to foreclosure.
Homeowner Ken H. experienced firsthand the boom-and-bust housing market in California - all from his front yard.
When Ken and his wife, Susan, relocated from one community to another in Central California in 2007, the Midwest couple felt they had found a real bargain - paying $380,000 for a home that had previously sold for more than $500,000.
Then, the Great Recession and the housing market crash happened.
The couple's brand new, four-bedroom, three-bath home plummeted in value to around $150,000. Other houses in the neighborhood sold for much less, as foreclosures and short sales became common, like many other communities in the state.
Q: What documents should I have available when calling in for my counseling session?
A: Homeowners should have their most recent mortgage statement and wage or income information for all of the homeowners listed on the mortgage.
Homeowners who want to know more about the KYHC counseling session are encouraged to call the toll free number (888) 954-KEEP (5337). Knowledgable customer service agents are available to explain the counseling process including common documents KYHC will need to verify income and hardships.