Because two programs are often better than one

Sometimes doubling up is a very good thing. Just ask some hard-hit homeowners who applied for one of Keep Your Home California’s four programs and were later approved for a second program.

Yep, doubling up on programs is possible – and even encouraged.

Now, before you begin clicking on each program and start dreaming of a large payout, we will remind you the maximum assistance per household is $50,000. Plus, there are other factors to consider, including household income and your servicer must participate in both programs.

Ten lenders are enrolled in all four programs – and 20 participate in three programs, including Bank of America, Quicken Loans and U.S. Bank. So, almost half of the current 65 servicers participate in at least three programs, making eligibility for multiple programs a real possibility (check the list of participating servicers www.keepyourhomecalifornia.org/participating.htm).

Homeowners often ask about being approved for two programs, especially on our Facebook page (“Like” us at facebook.com/keepyourhomecalifornia and you will see). Now, each homeowner is different, from their household income to loan-to-value ratio, but more and more homeowners are taking advantage of layering more than one Keep Your Home California program.

In fact, the programs are designed to work together.

The Mortgage Reinstatement Assistance Program, which offers as much as $20,000 for homeowners to catch up on payments, can follow the Unemployment Mortgage Assistance Program. Under the unemployment program, out-of-work homeowners collecting state Employment Development Department benefits can receive as much as $3,000 per month for up to nine months – or a maximum of $27,000.

If you do the math, you will see the combined maximum assistance under the two programs is $47,000, which would qualify under the $50,000 limit.

And the Unemployment Mortgage Assistance Program can follow the Mortgage Reinstatement Assistance and the Principal Reduction programs, which offers as much as $100,000 in assistance, with a limit of $50,000 from Keep Your Home California. The unemployment program can follow the other two programs because you never know when someone might lose their job.

Finally, the Transition Assistance Program, which offers homeowners as much as $5,000 to relocate with an approved short sale or deed-in-lieu of foreclosure, can follow any of the three programs, as long as the homeowner has not surpassed the $50,000 limit.

If you would like more information about Keep Your Home California, check www.KeepYourHomeCalifornia.org (or www.ConservaTuCasaCalifornia.org in Spanish) or call 888-954-5337 from 7 a.m. to 7 p.m. Monday through Friday, and 9 a.m. to 3 p.m. Saturdays.

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