Sharing these stories serves an important purpose for us because it gives prospective applicants an idea of how Keep Your Home California may be able to help them with their mortgage troubles, based on real-world examples.
We know there are many homeowners across the state who are facing financial hardships, and as a result are struggling with their mortgage payments. There are over 940,000 people unemployed in the state, according to the March labor data from the California Employment Development Department. The latest data (Q4 2016) from Zillow shows over 350,000 homes in California have negative equity and nearly 49,000 homeowners are 90 days or more past due on their mortgages.
These circumstances are not always easy for people to talk about, but hopefully the success stories demonstrate that if you find yourself in a similar situation, you are not alone - and there is help available.
For this month's newsletter, we wanted to focus on the Success Stories and have included multiple examples below. You can find all of the Keep Your Home California Success Stories and Video Testimonials at the following link: http://keepyourhomecalifornia.org/testimonials/.
Success Story: Jessica L.
'We felt we were stranded at sea, and Keep Your Home California was our lifeguard that rescued us'
Jessica L. and her family seemingly had everything going their way. Four healthy children, two steady jobs, three dogs, and their dream home in the place they grew up.
But it all changed in an instant.
Jessica had been working as a controller for a local hotel when she was laid-off in 2014. With only one income, the couple had to rely on savings to ensure there was enough money to buy clothes for school and put enough food on the table each night.
"We had to go on a strict financial diet," she says. "We even sold one of our cars to make ends meet."
"I was referred by a high school friend at a funeral," homeowner Linda S. says of Keep Your Home California. "I asked my friend a lot of questions."
Then, Linda and her husband applied for Keep Your Home California.
"It's pretty straightforward," says Linda, who was impressed with the application process. "Everyone took responsibility and ownership. They were all very helpful, thorough and responsive ... a 10 out of 10."
'When you fight so hard to own a home, why give up during tough times? Get out there and find the help that you need.'
Some things are more important than a mortgage payment. Just ask homeowner Emjudy D.
"When you have a child who is dying, the last thing you worry about is your mortgage, your house," says the mother whose 20-year-old son was diagnosed with a rare form of cancer.
Supplemental disability insurance AFLAC allowed Emjudy to focus her attention on taking her son to medical appointments and getting several opinions from several hospitals and physicians between 2013 and 2014. Chemotherapy was effective only at extending his life, but at the cost of his quality of life.
"I spent the last few months with him before he died," says Emjudy, who has endless faith, much strength and a never-ending positive outlook.
Financial literacy, planning key to your financial future
April is National Financial Literacy Month, and it's the perfect time to plant the seeds for long-term financial success.
Spring is about April showers that bring May flowers, preparing flowerbeds and gardens for new growth, and tossing out those never-used things as part of spring cleaning. Spring brings new hope - and new life.
Another reason why April is an excellent time to button down and get serious on establishing a financial plan? Chances are you recently filed your tax return. Whether you cheered a refund or jeered owing taxes, an effective financial plan can make dealing with Uncle Sam a bit easier - and possibly more rewarding.
As is the annual tradition, Governor Jerry Brown designated the month of April as
California Financial Literacy Month and The California Department of Business Oversight has once again put together a tremendous
webpage to highlight the multitude of financial resources available to Californians.
Financial Literacy Month encourages consumers to learn more about financial tools and establish a financial plan. We want consumers to learn about important financial matters such as creating and managing a budget, paying down debt while saving for emergencies, and establishing achievable financial goals, from building a college fund for your children to a retirement plan for you. Of course, if you're already making use of these financial tools, you are steps ahead of most people.
Q: If I am found eligible to receive assistance from the Principal Reduction Program, how will these monies be applied to my loan?
A: Keep Your Home California guidelines support application of Principal Reduction Program benefits to reduce the principal balance of a first mortgage loan and may also be used to reduce or eliminate an existing non-interest bearing forbearance. Homeowners should understand that servicer and/or investor restrictions may apply. In all cases, the entire amount of the assistance must be applied to the first mortgage.