The very popular local organization Keep Your Home California Shuts down its programs and closes its doors to all new applications. The popular foreclosure prevention organization announced the deadline to submit your “complete” application request is June 29 2018 , if the application is not in and complete by that date it will be too late to be considered for assistance through the Keep Your Home California Program.
Keep your Home California does plan to keep the lights on until they have finished processing all applications that were received and complete by the June 29th deadline.
Who is Keep Your Home California ? Why are they closing ?
Keep Your Home California is a California Organization and their programs assist low to moderate-income borrowers in keeping their homes or getting funds to relocate. Keep your Home California was made possible by all of the Hardest hit Funds that were provided to the State of California to prevent foreclosures and assist homeowners/borrowers and the funds are used by Keep your Home California Programs to assist eligible and qualified borrowers.
An official Statement from Keep Your Home California Program states that Keep Your Home California Program Closed because all funds provided by the hardest hit funds have been accounted for and that after 06/29/18 they cannot accept anymore application.
Is it still possible to obtain Foreclosure assistance ?
Even though Keep your Home California has shut down assistance is still available for California borrowers and all borrowers nationwide by dealing directly with your mortgage servicer.
Its recommended to obtain professional help before contacting your servicer for any workout options. Do not pay up front for any assistance.
If you would like to receive a call or email from a Foreclosure prevention specialist you can fill our form below and a specialist will reach out within 48 hours and can provide you feedback and guidance on your situation and assist with applying for assistance at no cost to you
We anticipate that more borrowers will need to sell in order to avoid foreclosure now that Keep Your Home California program closed. Qualifying for a Modification with a mortgage servicer can be extremely difficult and keep your home California made modifications possible for a lot of borrowers that would not have normally qualified without the paying down of a portion or entire past due balance.
Home retention programs do exist outside of Keep your home California programs. Most mortgage servicers offer “inhouse” retention options through Loan Modifications, Re-payment plans, and or forbearance plan.
- Loan Modification: A loan modification is the restructuring of existing loan terms, a Loan modification is not the creation of a new loan , it is the same loan but with new terms. Most mortgage servicers will require the proposed payment to not be more than 31% of the borrowers monthly gross income.
- Re-payment and or Forbearance Plan : This is an agreement to pay back the amounts owed at a later date ( normally not pushed out more than 6 months ). Re-payment plans are more common with loans that are not “extremely” delinquent because this plans require the borrower to pay the regular mortgage payment on top of the Re-payment plan payment that is calculated by spreading the past due balance out over 6 payments. If your mortgage payment is $2100 and the past due balance is $31,500 the total payment in the 6 month plan would be $7,350 ( $2100 for regular mortgage payment and $5,250 to pay the past due balance back in 6 months ).
How Could I Avoid Foreclosure and get Foreclosure Help Now That Keep Your Home California Program Closed ?
Now that Keep Your Home California Closed if you need help or have questions With the right help you can still keep your home without Keep your Home California.You can do the following to receive assistance
- Apply for Mortgage Assistance thru Borrowervslender.com Assistance
- call us for a free consultation at (888) 558-5856 , We Assist Borrowers and Real Estate Professionals.
- Fill out the contact form at the bottom of this page.