Keep Your Home California
Keep Your Home California
One of CSET's Foreclosure Counseling services is the Keep Your Home California (KYHC) program. Keep Your Home California brings four distinct programs to help homeowners at risk of foreclosure. The programs are:
Unemployment Mortgage Assistance (UMA) -- This program will assist individuals who are currently unemployed, are less than 3 months delinquent and have Unemployment Insurance Benefits. Clients can have their mortgage payments made for up to 9 months at a maximum amount of $3,000 per month or a total of $27,000 in benefits.
Mortgage Reinstatement Assistance Program (MRAP) -- This program is for clients who had a hardship that caused them to get behind on their mortgage but have now been able to go back to work or have resolved the issue and need assistance to get their mortgage caught up to date. The program allows for up to $20,000 in reinstatement benefits. This program may be used in conjunction with a possible modification.
Principal Reduction Program (PRP) -- This program is for clients who have a hardship and are trying to modify their current mortgage and who owe more than 115% of the home's current value. This program allows up to $50,000 in principal reduction. This will assist clients to get their payment as low as possible for affordability and to get the property in line with current market value.
Transition Assistance Program (TAP) --This program is for clients that cannot afford to keep their home or are not qualifying for a modification. This program can assist them in doing a short sale or Deed in Lieu. If they successfully complete one of these options they will receive up to $5,000 for re-location funds.
To take advantage of any of the above programs, your mortgage lender must agree to participate. To view a list of lenders that participate in Keep Your Home California, visit http://www.keepyourhomecalifornia.org/participating.htm
For more information or to begin the application process, call CSET's Keep Your Home California hotline at (559) 741-4643.
