The 2015 third quarter "Quarterly Performance Data Report" was recently posted on the Keep Your Home California website and the charts on the Reports and Statistics webpage were updated with the new information. The report describes recent progress for Keep Your Home California, as we moved into the final quarter of 2015. Some of the highlights from the report include:
Happy Holidays from the Team at Keep Your Home California
Wishing you and yours a happy holiday season. May you celebrate the holidays with family, friends and much peace. And may your home always bring you comfort and joy.
Unaffordable Or Underwater Mortgage? Keep Your Home California Could Help With $100,000 In Mortgage Assistance
California homeowners with unaffordable or underwater mortgages could receive as much as $100,000 in free mortgage assistance from Keep Your Home California, but they are encouraged to apply soon while the federally funded program has program funds remaining
The Principal Reduction Program - the only one of the five Keep Your Home California programs that offers the maximum funding of $100,000 with a single payment - has been expanded to assist more homeowners dealing with unaffordable or underwater mortgages, or in many cases both.
Thousands of homeowners who qualified for the program had the outstanding principal balance on their first mortgage reduced, with many also enjoying lower monthly mortgage payments. Homeowners approved for the program have received an average of $75,000 in principal reduction and a 14% drop in their monthly payment.
"Reducing principal and lowering the monthly payment can make a huge impact for many homeowners, and be the difference between keeping and losing a home," said Tia Boatman Patterson, Executive Director of the California Housing Finance Agency, the state agency which oversees Keep Your Home California. "Many homeowners who are struggling with their mortgage payments could receive the help they need from the Principal Reduction Program, providing them with a long-term, sustainable solution."
Funding
(as of December 17, 2015)
Programs
Homeowners Assisted
Total Amount Distributed
Unemployment Mortgage Assistance
39,516
$605,954,177.03
Principal Reduction Program
7,579
$459,029,476.06
Mortgage Reinstatement Assistance Program
10,211
$146,924,278.76
Reverse Mortgage Assistance Pilot Program
254
$2,760,002.42
Transition Assistance Program
936
$3,329,124.66
Total Program
Funds Allocated
58,496
$1,217,997,058.93
Recent Blog Post:
Letter-sending campaign asks city leaders to educate their community's homeowners about Keep Your Home California
California mayors and city managers are being encouraged to educate their communities about Keep Your Home California, a free mortgage-assistance program that has helped more than 58,000 homeowners.
Keep Your Home California- a state-managed program - has mailed several hundred letters to mayors and city managers in the state, from Eureka in Northern California to San Diego in Southern California. The letter campaign delivers a simple but very significant message to city leaders and hopefully passed along to their residents: financially strapped homeowners could get as much as $100,000 from Keep Your Home California.
Keep Your Home California has issued almost $1.2 billion in funding since the program started in February 2011. At the current pace of funding, the program will end in early 2017 or possibly even late 2016, about a year earlier than the federal deadline.
Emiliano G. is deeply grateful for the free mortgage-assistance program that allowed his family to keep their Southern California home.
He calls Keep Your Home California a "gift," giving much-needed financial relief by significantly reducing his mortgage principal - and making his one-time underwater mortgage right-side up.
A: Yes, some mobile homes are eligible for program assistance. If the mobile home is permanently affixed to the real property that is secured by the first lien, they are eligible for consideration of benefit assistance.
Be sure to test your toilet for leaks at least once a year. Put food coloring in your toilet tank. If it seeps into the bowl without flushing, there's a leak. Fix it and start saving gallons.
For more tips on what you can do to save water, please visit the Save Our Waterwebsite.
