‘Keep Your Home California’ Program now Fully Implemented

by on February 21, 2011

The California Housing Finance Agency announced last week that it has fully implemented four programs to fight the ongoing foreclosure crisis in California, with the primary goal to help families remain in their homes.

The programs, under the umbrella title of Keep Your Home California, are federally funded as part of the U.S. Treasury Dept.’s Hardest Hit fund, and are aimed at helping low and moderate income homeowners struggling to pay their mortgages amid the worst real estate crisis in decades.  California received a total of nearly $2 billion through the Hardest Hit fund. After consulting with community leaders throughout the state, four programs were created to assist California families.

Specifically, the Keep Your Home California programs provide:

  • Mortgage assistance of up to $3,000 per month for unemployed homeowners who are in
    imminent danger of defaulting on their home loans.
  • Funds to help homeowners who have fallen behind on their mortgage payments due to a
    temporary change in a household circumstance. The program will provide up to $15,000
    per household to reinstate mortgages to prevent foreclosures.
  • Money to reduce the principal owed on a mortgage for a home where the low or
    moderate income homeowner is facing a serious financial hardship and owes
    significantly more than the home is worth. The program requires lenders to match any
    assistance provided by the Keep Your Home California program.

To apply for the assistance, homeowners should contact the Keep Your Home California call center toll-free at (888) 954-KEEP(5337) or their mortgage servicer – the company to which the borrower sends monthly mortgage payments. Each of the mortgage assistance programs requires the participation of the mortgage servicer.

As of Feb. 9, the following servicers are participating in all four Keep Your Home California programs:

  • GMAC
  • Guild Mortgage
  • California Housing Finance Agency
  • California Department of Veterans Affairs

Other servicers, including Bank of America, JPMorgan Chase, CitiMortgage and Wells Fargo are currently participating in some, but not all programs at this time. The list of participating servicers is expected to expand in the coming weeks.

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