California homeowners who recently lost their federal extension benefits could receive as much as $3,000 in mortgage assistance from Keep Your Home California

Unemployed Californians who recently lost their federal extension benefits could get much-needed financial assistance for their mortgage payments.

Keep Your Home California can approve out-of-work homeowners with as much as $3,000 per month for up to 12 months through its Unemployment Mortgage Assistance program. The free mortgage-assistance program, one of four programs offered through Keep Your Home California, allows homeowners to look for work and not worry about their monthly mortgage payment.

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However, homeowners must apply as soon as possible – within one month of losing their unemployment benefits. About 222,000 Californians lost their federal extension benefits December 28.

Keep Your Home California has approved more than 25,000 homeowners and funded about $320 million through the Unemployment Mortgage Assistance program since February 2011 – and more than $500 million combined from all four programs.

Of course, homeowners must meet county-by-county income requirements and meet other Keep Your Home California eligibility criteria in order to qualify for the assistance. Additionally, their mortgage servicer must participate in the program.

There are currently 165 servicers – including banking giants Bank of America, Chase, Citi and Wells Fargo – who are enrolled with Keep Your Home California and every one of them participates in the Unemployment Mortgage Assistance program.

For other struggling homeowners, Keep Your Home California also has a Principal Reduction Program that can lower a homeowner’s outstanding loan balance by as much as $100,000. Another option, the Mortgage Reinstate Assistance Program, provides homeowners with up to $25,000 to catch up on their past-due mortgage payments. And, for homeowners who have simply run out of options, the Transition Assistance Program helps make a graceful exit from homeownership with up to $5,000 in transition assistance.

If you have additional questions or would like to apply for any Keep Your Home California program, call 888-954-5337 or visit www.keepyourhomecalifornia.org (Spanish speakers should visit www.conservatucasacalifornia.org). The counseling center is open 7 a.m. to 7 p.m. weekdays and 9 a.m. to 3 p.m. Saturdays.

Image courtesy of renjith krishnan / FreeDigitalPhotos.net

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