|
Keep Your Home California to Receive Additional Funding to Help More Homeowners
|
Tia Boatman Patterson, Executive Director of the California Housing Finance Agency, the state agency which oversees Keep Your Home California, issued the following statement in response to the announcement: "We are thrilled to have the opportunity to help more California homeowners prevent foreclosure with additional funding from the Hardest Hit Fund. While the economy and housing market have improved, there are still many homeowners who are struggling with their mortgages due to unaffordable payments, unemployment, negative equity, and other financial hardships. The $213.5 million announced for Keep Your Home California today is certainly a welcome and needed addition to our programs."
The fifth round of HHF funding will be allocated among participating HHF states in two phases of $1 billion each. The first phase will allocate $1 billion using a formula based on current state population and utilization of states existing allocation to date. The second phase will utilize an application process open to all participating HHF states.
To date, Keep Your Home California has provided more than $1.27 billion in assistance to over 60,000 households. Homeowners from all 58 counties in the state have received assistance from Keep Your Home California.
Also included in the announcement was an extension of the HHF program until December 31, 2020. California originally received nearly $2 billion from HHF when the program was announced in 2010, and the sunset date was scheduled for December 31, 2017, before the extension.
For more information about the announcement, please read Treasury's press release.
|
|
Keep Your Home California Turns Five!
|
February is an important month for Keep Your Home California. The four first-mortgage assistance programs were fully implemented on February 7, 2011 and our fifth program, the Reverse Mortgage Assistance Pilot Program, was announced last February.
The California economy and housing market have experienced a lot of change since 2011 and the Keep Your Home California programs have evolved with that change to continue to meet the needs of struggling California homeowners. You can read more about how the program has changed in our latest Blog.
One thing that has not changed since program inception is our goal to help as many homeowners as possible prevent foreclosure. We will continue to evaluate available data to make sure the programs are working effectively to meet this goal.
Likewise, we will continue to do what we can to raise awareness about the programs - which is something you could help us with. Maybe you don't need the assistance Keep Your Home California has to offer, but chances are you know someone that does.
If you know someone struggling with their mortgage payments, please share this newsletter with them. You, too, may be able to help someone Keep Their Home!
|
Funding
(as of Feb. 25, 2016)
|
|
Programs
|
Homeowners Assisted
|
Total Amount Distributed
| |
Unemployment Mortgage Assistance
|
| $628,623,885.96
| |
Principal Reduction Program
|
| $488,515,134.55
| |
Mortgage Reinstatement Assistance Program
|
| $152,919,669.25
| Reverse Mortgage Assistance Pilot Program
| 295
| $3,258,359.02
| |
Transition Assistance Program
|
| $3,416,624.66
| |
Total Program
Funds Allocated
|
| $1,276,733,673.44
|
|
|
National Consumer Protection Week
|
National Consumer Protection Week is fast-approaching (March 6-12) and we would like to encourage everyone to visit the website www.ncpw.gov for "a wealth of tips and information from federal and state government and non-profit partner organizations." The Consumer Topics webpage lists several different categories with valuable information for consumers, including a Your Home section. National Consumer Protection Week is a coordinated campaign that encourages consumers nationwide to take full advantage of their consumer rights and make better-informed decisions.
|
Celebrating five years of helping homeowners
|
Keep Your Home California turns five years old in February.
And like any 5-year-old, the free mortgage assistance program has changed, a lot.
When Keep Your Home California debuted, the state's once-booming housing market had collapsed. Foreclosures dominated many communities, from Crescent City to Chula Vista. Home values plummeted statewide, in some cases by more than 50%.
Homeowners across the state were in need of financial help - and even an inkling of hope that they could remain in their homes. Fortunately, Keep Your Home California was - and still is - able to provide both, with up to $100,000 in mortgage payment assistance.
|
Homeowner battled cancer and lost her job, but kept her longtime home thanks to Keep Your Home California
Elaine B's decades-old house is definitely her home.
Both her late-father and uncle were longtime custom homebuilders that built her house on a half-acre lot in rural San Diego County.
Read More
|
|
Monthly Question & Answer
|
Q: I received a 1098-MA tax statement from Keep Your Home California. What is this document?
|
|
A: The 1098-MA provides you and the IRS with the dollar amount of financial assistance your loan servicer received on your behalf from the Keep Your Home California program in the current tax year.
|
Water Saving Tips
Choose a water-efficient irrigation system such as drip irrigation for your trees, shrubs, and flowers. Remember to turn it off when it rains. Save: 15 gallons/each time you water
For more tips on what you can do to save water, please visit the Save Our Water website.
|
|
|
