The 2017 second 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 reached the halfway point of calendar year 2017. Some of the highlights from the report include:
Keep Your Home California Program Updates Implemented in September
Earlier this month, some important updates were made to two Keep Your Home California programs. The changes and the different programs they affect are listed below:
Unemployment Mortgage Assistance Program - Monthly mortgage payments in excess of $3,000 can now qualify for the program. Previously, the program had a $3,000 monthly cap in place, so payments over $3,000 were not eligible, unless the homeowners' servicers agreed to accept the difference in payment from the homeowner directly. The overall program cap of $54,000 remains in place, so homeowners can receive monthly payments for 18 months or until they reach their $54,000 cap, whichever comes first.
Principal Reduction Program - Interest-only loans are now eligible for the Principal Reduction Program. Before this change, interest-only loans were ineligible unless the interest-only feature had converted or modified to a fully amortizing loan.
Principal Reduction Program - Lien terms were updated for homeowners who receive assistance through the Principal Reduction Program. Previously, there were 5-year liens in place for homeowners who still had negative equity after receiving Keep Your Home California benefits and 30-year liens for homeowners who had positive equity post-assistance. Now, there is a third option: 10-year liens for homeowners whose post-assistance loan-to-value (LTV) ratio is less than 100%, but greater than 80%.
You can find more information about all five of the Keep Your Home California programs, including the Summary Guidelines for each program, on the Programs webpage.
Radio Interviews About Keep Your Home California Posted on the Website
Within the past few months, Keep Your Home California's Maribel Gonzalez and Steve Gallagher have been featured on various radio programs across the state.
They have been discussing details about the program, providing updates on the results thus far and sharing information about the impacts Keep Your Home California has had both on the state and the regions in which they were interviewed.
Depending on the stations and availability in the region, the interviews were conducted in English, Spanish, or both. All of the interviews that have taken place over the past few months are posted on the News and Media webpage and can be found, listed by media market, below.
Major changes will help open the door for more homeowners to qualify for Keep Your Home California
Keep Your Home California is always looking to improve its free mortgage-assistance program to better help homeowners, from folks dealing with an unaffordable mortgage payment to those looking for work.
Quite often it's a minor change, a simple tweak that will affect few applicants and homeowners.
But sometimes, the changes deserve a bit more attention - including a blog post - and will help many homeowners, like those the program has recently implemented.
Keep Your Home California eliminated the $3,000 monthly mortgage payment limit connected to the Unemployment Mortgage Assistance Program. The program will now cover mortgage payments for qualifying homeowners - regardless of the amount - for as long as 18 months or a total of $54,000, whichever comes first.
If video indeed killed the radio star, then Amazon and big-box outlets did the same to national retail-store chains.
"I lost my industry," says Sally S., a homeowner in Southern California. "We've lost our retailers."
With fewer folks shopping in department stores, finding a job has been tough for Sally, a former sales merchandiser, manager and sales vendor representative for several companies and suppliers in the retail industry.
"I've been struggling for a very long time; every day is a challenge," she says. "You lose your job, your medical, your 401(k) is stolen ... It's been an avalanche of things."
Q: How does Keep Your Home California calculate the Unemployment Mortgage Assistance benefit award that is shown on my Deed of Trust?
A: The Unemployment Mortgage Assistance award amount that is shown on the Deed of Trust is calculated at the time of approval by multiplying the monthly mortgage payment by the number of months of assistance available. Homeowners who have never previoulsy received assistance are eligible for a maximum of eighteen (18) months of assistance.
Example: Mortgage payment is $1,500 X 18 months = $27,000 in benefits.