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What is the Keep Your Home California program?

Do I need to pay a fee to take part in the Keep Your Home California programs?

Is funding for the Keep Your Home California program limited?

What types of foreclosure prevention programs were designed?

What is CalHFA MAC?

Eligibility

Who is eligible for the programs?

Do I need to be behind on my mortgage payments to be eligible for the Keep Your Home California programs?

Do I need to be a CalHFA borrower to qualify?

How do I know if I am eligible for one of the Keep Your Home California programs?

What type of hardships will be considered?

If I qualify for this assistance, do I have to pay it back?

Can I apply for more than one program?

What will happen if I use up all the funds given to me and I still don't have a job?

I do not live in the house that secures the mortgage I'd like to modify. Is this mortgage eligible for a Keep Your Home California program?

I am a renter living in a home that is in default and is at risk of foreclosure. Am I eligible for assistance through Keep Your Home California?

I have a mortgage on a duplex. I live in one unit and rent the other unit. Could I still be eligible for a Keep Your Home California program?

What if I have applied for a different modification and it was approved but I turned it down? Can I apply for any assistance?

Can a homeowner receive benefits under more than one program at the same time?

Can a homeowner move out of their home or rent it out while receiving benefit assistance under a Keep Your Home California program?

Are homeowners eligible for Unemployment Mortgage Assistance benefits for more than one unemployment incident?

My loan is serviced through Bank of America and I'm interested in the Principal Reduction Program. Is Bank of America participating in principal reduction?

The Process

How do I know if my servicer is participating in Keep Your Home California? Are all servicers required to participate?

I called for assistance and found out that my servicer is not participating in the program that I need – what should I do?

How can I apply for one of the Keep Your Home California programs?

What documents will I need to provide if I am accepted into a program?

I qualified for the Principal Reduction Program, when will my loan be reduced?

How will the funds be disbursed to me?

2011 1098-MA Tax Statement

I received a 2011 1098-MA tax statement from Keep Your Home California. What is this document?

Do I have to pay taxes on the benefit assistance that I received from Keep Your Home California?

Does the 2011 1098-MA replace the 1098 tax document that I get from my mortgage servicer?

I prepare my own taxes each year. Where can I obtain information on the 2011 1098-MA statement?

I didn't get a 1098-MA statement from Keep Your Home California, or I have lost the one sent, can I get another one?

In order to prepare my personal income taxes, I need CalHFA Mortgage Assistance Corporation's tax ID number. What is the number?

Counseling & Resources

My loan is scheduled for foreclosure soon and I do not qualify for Keep Your Home California. What should I do?

I am struggling to make my mortgage payments, but I am having difficulty getting assistance from my servicer. What should I do?

Will any of your programs help me with my second or other subordinate mortgages?

Where can I find additional information?

Payoffs, Subordinations and Short Sale Demand Statements – Information for homeowners who are refinancing through the Making Home Affordable Refinance Program, also known as HARP 2.0

What should I do if I need a payoff statement, subordination agreement or short sale demand statement for my Keep Your Home California lien?

Will Keep Your Home California subordinate their lien so that I may refinance my property?

General Information & Funding

Q: What is the Keep Your Home California program?

A: Keep Your Home California is a federally funded program to help California homeowners struggling to pay their mortgages due to financial hardships. California has received nearly $2 billion in federal funding and is working with housing counselors, servicers and housing advocates to provide assistance that will help prevent avoidable foreclosures and keep Californians in their homes. Full details on the program are available at www.KeepYourHomeCalifornia.org.

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Q: Do I need to pay a fee to take part in the Keep Your Home California programs?

A: No. You will never be asked to pay a fee to participate in the Keep Your Home California programs. In fact, you should beware of anyone who asks you to pay a fee in exchange for a counseling service or modification of a delinquent loan. If you suspect fraud connected to a counseling or modification offer, you are encouraged to contact the United States Treasury's Antifraud Unit by email at OFS.AntifraudUnit@treasury.gov.

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Q: Is funding for the Keep Your Home California program limited?

A: Yes, funding for this program in California is limited to about $2 billion. There is a benefit cap of $100,000 per qualifying household.

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Q: What types of foreclosure prevention programs were designed?

A: Keep Your Home California consists of four programs to assist California homeowners. Three of these programs are designed to help qualifying homeowners remain in their homes and avoid foreclosure:

Unemployment Mortgage Assistance Program

Mortgage Reinstatement Assistance Program

Principal Reduction Program

The fourth program, the Transition Assistance Program, provides financial assistance for homeowners who can no longer afford their home and need help transitioning to other housing. The Transition Assistance Program may only be used in conjunction with a short sale or deed-in-lieu of foreclosure transaction.

For detailed descriptions of each of these foreclosure prevention programs, visit our website at www.KeepYourHomeCalifornia.org/programs.htm.

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Q: What is CalHFA MAC?

A: CalHFA MAC is CalHFA Mortgage Assistance Corporation, a nonprofit organization whose Officers are employees of CalHFA and receive no additional compensation for performing these duties. The CalHFA MAC Board of Directors is comprised of CalHFA and other state leaders that are expert in the California housing crisis. CalHFA MAC was created specifically to receive and disburse federal funding to qualifying California homeowners; these funds cannot be commingled with or used for any other state budget purpose.

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Eligibility

Q: Who is eligible for the programs?

A: General eligibility requirements for these programs include, but are not limited to:

Homeowner must:

Occupy home as their primary residence

Meet low and moderate area income limits

Have a financial hardship that is supported by a completed and signed Hardship Affidavit

Have adequate income to sustain modified mortgage payments according to participating servicer guidelines

Property must:

Be located in California

Not be abandoned, vacant, or condemned

Be a single family, 1-4 unit home (an attached or detached house or a condominium unit): mobile homes are eligible if they are permanently affixed to the real property that is secured by the first lien.

Mortgage must:

Be a first lien mortgage

Have a current unpaid principal balance of $729,750, or less

Be delinquent or in imminent default

For more information on eligibility requirements, visit the program descriptions located here: KeepYourHomeCalifornia.org/programs.htm.

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Q: Do I need to be behind on my mortgage payments to be eligible for the Keep Your Home California programs?

A: No*. California homeowners who are struggling to remain current on their mortgage payments are eligible if they reasonably demonstrate they are likely to default on their mortgage soon (often referred to by loan servicers as "imminent default"). For example, "imminent default" may be caused by a homeowner that has had (or will have) a significant increase in their mortgage payment (due to an upwards adjustment of mortgage payment or rate) or has suffered a financial hardship such as unemployment – these circumstances may make the mortgage unaffordable.

* MRAP requires that the homeowner be behind a minimum of two (2) months with their first mortgage payments in order for there to be a "reinstatement" requiring assistance.

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Q: Do I need to be a CalHFA borrower to qualify?

A: No. Any California homeowner who meets the eligibility requirements can qualify. Your servicer must sign an agreement with CalHFA MAC to participate in each of the Keep Your Home California programs. This agreement with the servicer helps to ensure that funds are properly applied and reported. A list of participating servicers and the programs they offer is available at keepyourhomecalifornia.org/participating.htm

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Q: How do I know if I am eligible for one of the Keep Your Home California programs?

A: To ascertain if you may be eligible for a Keep Your Home California program, visit the Eligibility Calculator at http://www.keepyourhomecalifornia.org/qualify.aspx. You can also speak with a Keep Your Home California representative who will help determine your eligibility by calling 888.954.KEEP(5337).

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Q: What type of hardships will be considered?

A: If you have suffered a severe reduction in your household income or are facing increased expenses beyond your control, these hardships will be taken into consideration.

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Q: If I qualify for this assistance, do I have to pay it back?

A: This assistance will be provided to eligible homeowners as a junior lien secured against their property. You are not required to make payments on this junior lien. The junior lien will be forgiven after three to five years (depending on program) from the date assistance was provided. However, if you sell or refinance (and remove cash equity) your home prior to the junior lien being forgiven, you may be required to pay back the assistance from the proceeds of the sale or refinance of your home if there is sufficient net equity.

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Q: Can I apply for more than one program?

A: Maybe. Each Keep Your Home California program was designed to provide struggling homeowners with a unique type of foreclosure prevention assistance. So, use of more than one program at the same time is unlikely. For more information about each program, go to http://www.keepyourhomecalifornia.org/programs.htm or call 888.954.KEEP(5337) to speak with a Keep Your Home California representative who will explain program requirements and criteria).

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Q: What will happen if I use up all the unemployment funds provided to me by Keep Your Home California and I still don't have a job?

A: You will then be eligible for free HUD foreclosure prevention counseling which could help you qualify for other programs. Some of these may include transition to other foreclosure alternatives, such as deed-in-lieu of foreclosure or short sale. Details on this will be covered during your initial telephone counseling session with the Keep Your Home California staff.

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Q: I do not live in the house that secures the mortgage I'd like to modify. Is this mortgage eligible for a Keep Your Home California program?

A: No. If you own a house that you use as a vacation home or that is not your primary residence, that home is not eligible for assistance from any of the Keep Your Home California programs. Investment properties are also not eligible for assistance. All eligible properties must be primary, owner-occupied.

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Q: I am a renter living in a home that is in default and is at risk of foreclosure. Am I eligible for assistance through Keep Your Home California?

A: No. The purpose of the Keep Your Home California funds is foreclosure avoidance. Eligible properties must be owner-occupied.

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Q:I have a mortgage on a duplex. I live in one unit and rent the other unit. Am I eligible for a Keep Your Home California program?

A: Yes. Mortgages on two, three and four-unit properties are eligible as long as you occupy in one unit as your primary residence.

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Q: What if I have applied for a different modification and it was approved but I turned it down? Can I apply for any assistance?

A: Yes, as long as you currently meet the eligibility criteria, you may still qualify for assistance through Keep Your Home California. Keep Your Home California is not responsible to determine eligibility for any loan modification program. Only your first mortgage loan servicer can provide approval for a loan modification.

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Q: Can a homeowner receive benefits under more than one program at the same time?

A: There are specific guidelines for receiving benefits under more than one Keep Your Home California program at the same time.

If a homeowner is currently receiving benefits under the Principal Reduction Program and becomes eligible for the Unemployment Mortgage Assistance Program, the homeowner may be eligible to collect benefits from both programs simultaneously. These are the only two programs that could potentially pay benefits simultaneously. For more information, please contact a Keep Your Home California representative at 888.954.KEEP(5337)

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Q: Can a homeowner move out of their home or rent it out while receiving benefit assistance under a Keep Your Home California program?

A: No. If during the benefit period of any Keep Your Home California program, a homeowner's property becomes vacant or non-owner occupied, Keep Your Home California reserves the right to terminate benefit assistance.

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Q: Are homeowners eligible for Unemployment Mortgage Assistance benefits for more than one unemployment incident?

A: Homeowners can be eligible for Unemployment Mortgage Assistance benefits more than once provided the homeowner has not exceeded the $27,000 maximum program assistance available per household and has a remaining balance in their program reserves that is equal to or greater than three full PITIA benefits.

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Q: My loan is serviced through Bank of America and I'm interested in the Principal Reduction Program. Is Bank of America participating in principal reduction?

A: Bank of America homeowners who are interested in participating in the Keep Your Home California Principal Reduction Program, must apply directly with Bank of America for a Home Affordable Modification. Homeowners who meet the requirements for a Home Affordable Modification will be sent a financial information packet from Bank of America. This packet will contain important information about the Keep Your Home California Principal Reduction Program including how this program can be combined with a Home Affordable Modification to provide you with the most affordable payment available per investor guidelines.

If you are interested in applying for a Bank of America Home Affordable Modification that includes Keep Your Home California Principal Reduction assistance, please call 1.800.846.2222.

If you would like an opportunity to meet face-to-face with a Bank of America representative please click herefor a list of Bank of America Customer Assistance Centers in California.

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The Process

Q: How do I know if my servicer is participating in Keep Your Home California? Are all servicers required to participate?

A: Servicer participation in the Keep Your Home California program is strictly voluntary. To find out if your servicer is participating, either call your servicer directly, visit http://www.keepyourhomecalifornia.org/participating.htm or call Keep Your Home California at 888.954.KEEP(5337).

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Q: I called for assistance and found out that my servicer is not participating in the program that I need – what should I do?

A: Servicer participation in the Keep Your Home California program is strictly voluntary. To find out why your servicer is not participating in a specific program, call your servicer directly.

Keep Your Home California continues to work with servicers to make the programs not only beneficial to eligible homeowners but also as compatible with servicer processes as is reasonably possible. In this way, and through ongoing servicer outreach, we encourage servicer participation in each of our programs. As an example, the Principal Reduction Program was changed to no longer require the servicer to provide a dollar-for-dollar match of program assistance – this is a significant change that should encourage more servicer participation and enhance benefits to eligible homeowners.

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Anonymous
#507195

My house is 200k underwater in central CA one of the hardest hit areas.There is no second on my mortgage, just a massive loss thanks to all the fraudclosures in our area.

For the longest time we couldn't get into the PRP program because freddie mac, who owns our loan, wont allow principal reductions. Supposedly that has changed and now they will participate in this program. However the people at keep your home told me that I still cant participate in that part of their program because my servicer US Bank doesn't participate in the principal reduction part of their program. The servicer is nothing more then a go between and shouldn't have any issue in participating in this program if the owner of the mortgage wants to now participate in the principal reduction part of keep your homes program.

I suspect its just more double talk, kick the can down the road, left hand doesn't know what the right hand is doing, dumb sh#@t people.

Its amazing that the banking and real estate industry had no problem putting people into homes they couldn't afford, yet simple little modifications are just so hard to figure out.Oh well perhaps that laid back too cool to care prezident we have will take the time to check into middle america and do something for a change rather then talk.

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