Keep Your Home California is often on the road, attending events and helping homeowners with their mortgage issues, from Lake County in Northern California to the desert communities of Southern California.
It’s an effort to connect with, educate and encourage homeowners about the free mortgage-assistance program, which has helped more than 55,000 people since February 2011—or the equivalent of about half of the people in Richmond, Temecula or Ventura.
So far, Keep Your Home California representatives have attended 93 events since the beginning of 2015, or more than 12 per month. In fact, the state program has participated in 778 events since early 2011—more events than baseball games played by any one of the Golden State’s Major League Baseball teams over the same period.
The free events allow counselors and program representatives to meet face-to-face with homeowners and answer questions about Keep Your Home California, and even help with the application process. The Keep Your Home California website offers an up-to-date calendar of events for homeowners.
Keep Your Home California often partners on these free events with mortgage servicers that participate in the program—including Bank of America and Wells Fargo— and the dozens of housing counseling agencies statewide that meet one-on-one with homeowners.
The collaborative effort benefits the housing counselors, the mortgage servicers, Keep Your Home California, and most importantly, financially strapped homeowners interested in the program.
Thousands of homeowners have been exposed to the state-managed program at these events during the past four-plus years. From couples who are casualties of corporate cost-cutting to families faced with hard-to-make mortgage payments, Keep Your Home California has a program ready to help:
- Principal Reduction Program: Homeowners who owe more than their home is worth and/or have an unaffordable payment can cut their mortgage principal as much as $100,000 while saving hundreds of dollars every month. Homeowners approved for the program enjoyed an average savings of $216 per month, from $1,316 to $1,100 during first-quarter 2015, the latest figures available.
- Unemployment Mortgage Assistance Program: Out-of-work homeowners who have received jobless benefits from the state Employment Development Department in the previous 30 days can receive as much as $3,000 per month for up to 18 months for their mortgage payments.
- Mortgage Reinstatement Assistance Program: Homeowners who are behind two months or more on their payments can qualify for as much as $54,000 to help them “catch up” on their past-due mortgage payments. Homeowners must have recovered from their financial hardship and be able to make their mortgage payments going forward in order to be eligible for the program.
- Transition Assistance Program: Homeowners who have reached an agreement for a deed-in-lieu of foreclosure or short sale with their mortgage servicer could receive up to $5,000 in relocation assistance.
- Reverse Mortgage Assistance Pilot Program: Homeowners 62 years or older who are at risk of losing their home to foreclosure due to delinquent property expenses associated with their Federal Housing Administration (FHA)-insured reverse mortgages can qualify for as much as $25,000 in assistance. The program reinstates past-due property-related expenses such as taxes and homeowner’s insurance, and provides up to 12 months of additional assistance to ensure homeowners get back on their feet.
If you would like more information about Keep Your Home California and the five programs, attend an upcoming event or call the counseling center at 888-954-KEEP (5337) or visit www.KeepYourHomeCalifornia.org (Spanish speakers should visit http://conservatucasacalifornia.org/). The counseling center is open 7 a.m. to 7 p.m. weekdays and 9 a.m. to 3 p.m. Saturdays. Translators are available, so counseling sessions can be conducted in virtually any language.