OCTOBER 2017
KeepYour HomeCalifornia | Newsletter


The Reverse Mortgage Assistance Pilot Program will be closed soon - all applications for assistance from the pilot program must be submitted by 6:00pm on Thursday, November 30, 2017.

The pilot program was announced in February 2015 and to date has helped about 700 households with over $9 million in assistance. Applications through November 30, 2017 are forecast to meet (and likely exceed) 100% of the program's allocation.

The Reverse Mortgage Assistance Pilot Program was developed to provide assistance to low-to-moderate income senior homeowners who are in danger of losing their home to foreclosure due to their inability to pay the required property expenses associated with their reverse mortgage loan. Up to $25,000 per household is available through the pilot program.

While the pilot program is ending, the four first-mortgage programs will continue beyond November 30, 2017. Keep Your Home California funding will be available from the first-mortgage programs until all funds are exhausted or until December 31, 2020, whichever comes first.

You can track funding usage on the Reports and Statistics webpage, where you will find several other tools available to provide more information about program results. 

New "Ask Keep Your Home California" Videos Posted  

Three new videos in the series of short videos called "Ask Keep Your Home California" have been added to our website and YouTube page.  
 
The videos feature Keep Your Home California staff members addressing different topics to answer common questions we receive from people. They are posted on the Frequent Questions page of the Keep Your Home California website. Links to the three new videos are listed below: 
In addition to the videos, there are several q uestions and answers posted on the Frequent Questions webpage, sorted by topic. If you ever have questions about the program and can't find the answers on the website, please don't hesitate to call one of our representatives at (888) 954-5337 or contact us via Facebook or Twitter.

Project Sentinel Highlighted by HUD  

Each month, the U.S. Department of Housing and Urban Development (HUD) puts out a housing counseling newsletter, focused on different topics. Their October newsletter was dedicated to foreclosure prevention and included a profile of Project Sentinel, one of Keep Your Home California's partner HUD-approved housing counseling agencies.

The HUD article on Project Sentinel included information about all of the services the agency offers. Even though they are in the Silicon Valley, which has experienced a significant economic recovery since the depths of the foreclosure crisis, Project Sentinel has remained very active in helping people who are struggling with their mortgage payments.

A few of Project Sentinel's clients' success stories were also part of the write-up, including a homeowner who received Keep Your Home California assistance. That story is copied below:

A homeowner's adjustable interest rate was increasing by 1.1 percentage points, making the payment unaffordable. The client was approved for Keep Your Home California's Principal Reduction Program, receiving $98,800 in principal reduction and a recast in her monthly payment, which was reduced by $505.00 per month.

If you would like to read the October issue of HUD's "The Bridge" newsletter, please visit the following link: https://www.hudexchange.info/resources/documents/Housing-Counseling-Bridge-Newsletter-2017-10.pdf.
Salute to Veterans   

Veterans Day is coming up on Saturday, November 11 and in observance of the holiday, the Keep Your Home California call center will be closed on Friday, November 10.

Additionally, Keep Your Home California and the California Housing Finance Agency will profile on social media different veterans each day of the month in November. Staff members will share the stories of loved ones who served in the United States Armed Forces - and those stories will be posted on Facebook and Twitter.

We appreciate the service of all the brave men and women in the military, both veterans and active duty, and look forward to recognizing individuals from all five branches throughout the month.

Funding
(as of October 26, 2017)

Programs
  
Homeowners Assisted
Total Amount Distributed
Unemployment Mortgage Assistance
  49,080       
$874,770,131.27
Principal Reduction Program
  12,162        
$749,636,219.19
Mortgage Reinstatement Assistance Program
  13,603       
$207,435,425.91
Reverse Mortgage Assistance Pilot Program
     697
$9,033,564.74
Transition Assistance Program
    1,054       
$3,743,994.94
Total Program
Funds Allocated
    76,596        
$1,844,619,336.05
Recent Blog Post:

Keep Your Home California's $3 billion economic effect is helping homeowners, small-business owners, local government
From the smallest cities like Albany and Weed to the nation's second-largest metropolitan area, Keep Your Home California has had a tremendous economic effect.

All Californians - from homeowners faced with a financial hardship to small-business owners and even state government - have benefited from the free mortgage-assistance program that has helped more than 76,500 homeowners since inception, according to an updated economic impact report that analyzed program funding data from 2010 through 2016.

Keep Your Home California issued $1.5 billion in assistance to homeowners during that six-year period, preserving an estimated $3 billion in economic activity, 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. In other words, for every $1 of assistance provided, $2 of economic activity was preserved.

Keep Your Home California was fully implemented in early 2011, at a time when many homeowners were dealing with foreclosures and almost all homeowners were faced with a significant drop in the value of their homes. When the program started, more than 2 million Californians were jobless, including hundreds of thousands of homeowners.

But the program has proven extremely effective in many ways, from assisting homeowners to protecting private- and public-sector revenues.

Read More
Success Story: Dora P.
'If it wasn't for Keep Your Home California, we wouldn't be in our house.'

Losing a good-paying job is tough for most people. For Dora P., it was traumatic.

"I loved my job," says Dora, who lives in the Sacramento region. "It was a good company, with good benefits. It was very rewarding. I was happy for 13 years. I felt like I hit the lottery with my job."

But that winning ticket feeling faded when her company, like so many others in recent years, announced a significant round of layoffs, including Dora's position. (The company has since announced the closure of its center and will move operations out of state.)

"I was pretty depressed for the first few months" following the layoff, Dora says. "It's been very difficult this year."

Read More
Monthly Question & Answer
Each month, we include a question and answer from the Frequent Questions page on the Keep Your Home California website. Over the course of the past month, many Californians have had their homes damaged or destroyed due to wildfires across the state. Several people inquired about the availability of assistance in "Disaster Areas," so we developed a Frequently Asked Questions document to address some of the common questions we've received. Below is one of the questions from this document.
Q: Can homeowners in designated "Disaster Areas" qualify for Keep Your Home California assistance?
A: Yes, homeowners located in disaster areas can qualify for assistance from Keep Your Home California, provided they meet program eligibility requirements. Being located in a "Disaster Area" does not pre-empt or supersede regular program guidelines. Please note that funds can only be used for owner-occupied properties, and are not available to assist in rebuilding a home that has been destroyed. In order to determine whether or not they qualify for Keep Your Home California, homeowners should call (888) 954-KEEP (5337) or visit www.KeepYourHomeCalifornia.org  for more information.
  
Water Saving Tips

Use a broom to clean driveways, sidewalks and patios. Save: 8-18 gallons /minute

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.
October 28, 2017
9:00am - 1:00pm
Community Resource Fair
Sanger, CA
October 28, 2017
9:00am - 1:00pm
Housing Resource Fair
Westminster, CA
November 2, 2017
11:00am - 3:00pm
Veterans Job Fair
Los Angeles, CA
November 4, 2017
8:30am - 5:30pm
Homebuyer Education Workshop
Ventura, CA
November 8, 2017
6:00pm - 7:30pm
Home Retention Clinic
Los Angeles, CA
November 18, 2017
8:00am - 4:30pm
Homebuyer Education Workshop
Los Angeles, CA
November 18, 2017
8:30am - 4:30pm
Homebuyer Education Workshop
Oxnard, CA
November 30, 2017
11:00am - 3:00pm
Veterans Job Fair
San Diego, CA



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