Apply ASAP to Unemployment Mortgage Assistance, Payments Continue for Nine Months Even If Unemployment Checks EndPosted: December 14, 2012
Well, Keep Your Home California has a possible solution, even if you’re nearing the end of extended federal unemployment benefits, a situation that faces an estimated 350,000 Californians at the end of the year.
The state-managed mortgage assistance program is strongly encouraging jobless homeowners to apply by Dec. 31 for the Unemployment Mortgage Assistance Program. If you apply, complete the counseling session by the end of the year and are approved for the program, mortgage assistance will continue for as long as nine months, even if your federal unemployment benefits run out. Under the program, homeowners can receive up to $3,000 per month – or a total of $27,000.
Of course, applicants and homeowners in the program must meet certain criteria, including county-by-county income limits, and their mortgage servicer must participate in the Unemployment Mortgage Assistance Program. Also, if homeowners enrolled in the program find a job, they must notify Keep Your Home California.
So far, almost 16,000 homeowners have been approved for the Unemployment Mortgage Assistance Program. Keep Your Home California has either funded or set aside about $151.3 million to help jobless homeowners since the unemployment program started in February 2011.
About 100 mortgage servicers – including banking giants Bank of America and Wells Fargo Bank – are enrolled in the Unemployment Mortgage Assistance Program. You can see the complete list at http://www.keepyourhomecalifornia.org/participating.htm.
Keep Your Home California is the state’s $2 billion foreclosure prevention effort, established under the U.S. Treasury’s Hardest Hit Fund. There are four programs, with three aimed to prevent avoidable foreclosures by offering mortgage payment assistance to qualifying low- and moderate-income homeowners who are facing a financial hardship. In addition to the Unemployment Mortgage Assistance Program, Keep Your Home California has the Mortgage Reinstatement Assistance, Principal Reduction and the Transition Assistance programs.
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.
Keep Your Home California has approved almost 19,000 homeowners and more than $200 million in funding since the program started in February 2011.
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