Do the math, Keep Your Home Californians makes sense – and saves moneyPosted: October 26, 2012
Facts and figures, for better or worse, shape our lives.
Keep Your Home California – a federally funded, state-managed mortgage assistance program – deals with a ton of numbers and files a quarterly report with the U.S. Treasury Department. And some of the figures were a bit head-turning in the recent report.
For example, almost 99% of homeowners are still in their homes six months after receiving assistance from Keep Your Home California. Obviously, this helps hard-hit homeowners, many who are without work. But nearby homeowners also benefit from the program, with fewer homes entering foreclosure and home prices stabilizing.
Numerous other figures caught our attention in the report:
- First-time applicants increased 64% during the second quarter compared to first-quarter 2012. Aggressive advertising and marketing efforts have helped, along with word of mouth.
- Much of the additional applications came from the Unemployment Mortgage Assistance Program. Keep Your Home California approved 68% more applications for the program during the second quarter compared to the first three months of the year. The state Employment Development Department issued a mailer detailing the Unemployment Mortgage Assistance Program to hundreds of thousands of homeowners during the quarter, the biggest reason for the boost in applications. The program offers as much as $3,000 per month for up to nine months in mortgage assistance for homeowners collecting benefits from the EDD.
- About 25% of homeowners enrolled in the Unemployment Mortgage Assistance Program have found employment and no longer had a need for the mortgage assistance through Keep Your Home California.
- We approved 18% more homeowners for the Mortgage Reinstatement Assistance Program during the second quarter compared to the first quarter. The program offers homeowners as much as $25,000 to catch up on their mortgage payments.
- Almost three of every four homeowners approved for Keep Your Home California earn less than $50,000 per year; 90% earn less than $69,000.
- Women rule, really. OK, we already knew this, but almost 60% of homeowners applying to the program are women. This just shows that women ask for help, men, well, you know …
- More than 90 servicers are participating in the program, with almost a third enrolled in all four programs. This is a dramatic increase from several months ago. The more servicers participating in the program, the more homeowners we can help.
Certainly, the above figures are great, but the bottom line is we want to help even more homeowners. We want to keep our hitting streak going, and end the season on a high note.
If you would like more information about Keep Your Home California, check http://www.keepyourhomecalifornia.org/ (or http://www.conservatucasacalifornia.org/ in Spanish) or call 888-954-5337. The processing center is open 7 a.m. to 7 p.m. weekdays, and 9 a.m. to 3 p.m. Saturdays.
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