Keep Your Home California will stop accepting applications June 29 – homeowners should apply immediately

Keep Your Home California, the free mortgage-assistance program that has helped over 82,000 homeowners, is entering its final weeks. All applications for Keep Your Home California assistance must be submitted by June 29, 2018, in order to be considered for funding.

Homeowners faced with a financial hardship and worried about losing their home are encouraged to apply as soon as possible. Available program funding will soon be exhausted, which is why the program will no longer be able to accept applications after 7 p.m. Friday, June 29, 2018.

All homeowners who submit an application to Keep Your Home California by June 29 will have their files processed to a resolution. Closing the program to new applicants will not adversely affect applications in-process.

The federally funded program helps California homeowners who are dealing with a hardship – such as a cut in hours or pay, a job loss, divorce, death in the family, or extraordinary medical bills that are affecting a homeowner’s finances – and faced with the possibility of losing their home to foreclosure.

The state-managed program has been a big success, helping more than 82,000 homeowners – or the equivalent of everyone in Buena Park in Southern California or Redwood City in the Bay Area. The demand for the program has remained strong, even with a much-improved economy and housing market during the past couple years.

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In fact, Keep Your Home California has already provided more than $2 billion in funding to qualifying homeowners across the state. Additionally, another $67 million has been committed – basically dollars set aside – for those who have applied but have not yet been approved for the program. The program has been a huge success, helping homeowners in all 58 California counties, and will end more than two years before its mandated deadline of Dec. 31, 2020.

If you are going to apply for the mortgage-assistance program, now is the time. All four of the Keep Your Home California programs will be available until the final application date. Assistance from the programs is available free of charge and includes the following:

  • Unemployment Mortgage Assistance Program – Out-of-work homeowners eligible for jobless benefits from the state Employment Development Department can receive as much as $54,000 or up to 18 months in assistance, whichever comes first. In addition, the program can help homeowners catch-up on their past-due mortgage payments.
  • Mortgage Reinstatement Assistance Program – Homeowners can receive as much as $54,000 to help them catch-up on past-due mortgage payments. However, homeowners must be able to make their mortgage payments going forward.
  • Principal Reduction Program – As much as $100,000 to lower mortgage principal and help ease the financial burden of a severely underwater mortgage and, quite often, an unaffordable monthly payment. In many cases, homeowners will also enjoy a lower monthly payment. Of course, homeowners must be able to make their mortgage payments going forward.
  • Transition Assistance Program – Homeowners can receive up to $5,000 to help with relocation costs as part of an approved deed-in-lieu of foreclosure or short sale of their home.

In order to be eligible for Keep Your Home California, homeowners must meet county-by-county income limits, which range from about $84,450 in rural counties to more than $150,000 in the Bay Area. A homeowner’s mortgage servicer – the company that collects the monthly payments – must also participate in the program. Almost 250 servicers are enrolled in Keep Your Home California.

If you’re a homeowner facing a financial hardship and worried about losing your home to foreclosure, apply right away. Homeowners must complete the applications and submit all necessary documents within a 30-day period.

Homeowners interested in learning more or applying for the program should call the counseling center at 888-954-KEEP (5337) or visit or for Spanish speakers.

The counseling center is open 7 a.m. to 7 p.m. weekdays and 9 a.m. to 3 p.m. Saturdays. Calls can be taken in virtually any language.

Feature photo by Min C. Chiu/Shutterstock