Anyone know about: keepyourhomecalifornia? (Los Angeles, Sacramento: short sales, 2013, foreclosure)

[calnbs]

Keep Your Home, California.

My wife's friend and former co-worker was let go from her position a few months ago and is currently on unemployment. She is a single mother and is struggling to make ends meet with just unemployment and saw this keepyourhomecalifornia.org and she was wondering if my wife and I know anyone who have used this program. Unfortunately, we don't so I thought I'd post this here to see if anyone has experience with this program? We went over the website and google some newspaper stories and so far, we don't see any cons to signing up but again, we don't have any first hand knowledge....I'm always cautious when it comes to some kind of programs helping struggling homeowners...too many scams out there lately in this economy. Like that old saying "If it sounds too good to be true....."

So anyone out there have used it? Is there any cons?

[nullgeo]

Thank you OP for posting such a worthy topic.

Here is an excerpt from a legal review service (linked after excerpt):

Keep Your Home California’s Four Programs

The California Housing Finance Agency (CalHFA), which was established in 1975, provides financing for low and moderate-income homeowners in California. With approval from the U.S. Treasury Department and funded by the Hardest Hit Fund, CalHFA implemented the Keep Your Home California program to provide assistance to eligible California homeowners who are facing foreclosure.

The CalHFA Mortgage Assistance Corporation (CalHFA MAC) administers the various programs under Keep Your Home California, which include:

The Unemployment Mortgage Assistance Program (UMA), which provides up to $3,000 a month in mortgage payments for as many as nine months for homeowners actively collecting unemployment benefits.

The Mortgage Reinstatement Assistance Program (MRAP), which helps homeowners catch up on missed payments (up to $25,000) and reinstate their loans.

The Principal Reduction Program (PRP), which provides funds to underwater homeowners to pay down the principal balances of their mortgage loans (up to $100,000).

The Transition Assistance Program (TAP), which provides up to $5,000 to assist homeowners who are undergoing a short sale or deed in lieu of foreclosure relocate to new housing. (See our Short Sales and Deeds in Lieu of Foreclosure area for more information on these topics.)

Eligible homeowners can receive assistance from more than one Keep Your Home California program. For example, if you previously received UMA benefits, you may qualify for MRAP after you find a new job, though there is an overall benefit cap of $100,000 per household.

Keep Your Home California Program: An Overview | Nolo.com

Mortgage modification / assistance programs can be VERY frustrating in processes ... they can take a LONG time ... and involve a LOT of paperwork development and submission and phone calling, message-leaving, anxiety causing documents arriving (like foreclosure notices in the mail). Anyone undertaking the odyssey needs to be prepared for a lot of eye-rolling, lip-biting frustration.

However, all said above, yes, some people actually do save their homes and find the journey ultimately worthwhile. Patience and diligence is the name of the game. Only cool, calm heads prevail. Warning: sometimes the process takes years. Yep: Y.E.A.R.S.

Good luck

[nullgeo]

Originally Posted by Darth Silius

There's no listing for them on the BBB site. Big red flag right there.

It is not a business ... it is a non-profit, California government subsidized organization:

The California Housing Finance Agency (CalHFA), which was established in 1975, provides financing for low and moderate-income homeowners in California. With approval from the U.S. Treasury Department and funded by the Hardest Hit Fund, CalHFA implemented the Keep Your Home California program to provide assistance to eligible California homeowners who are facing foreclosure.

[nullgeo]

Originally Posted by Darth Silius

The BBB also tracks non-profits.

"Check out a business or charity." Right off their website.

BBB Consumer and Business Reviews, Reports, Ratings, Complaints and Accredited Business Listings - U.S. BBB

That they are government subsidized doesn't make them a worthy charity in any case. They don't have a very long track record, claiming a grand total of 25 thousand and some helped.

press release

April 22, 2013, 1:00 p.m. EDT
Keep Your Home California Principal Reduction Program Attracts Major Servicers
Offers Homeowners as much as $100,000 in Free Mortgage Assistance

SACRAMENTO, Calif., Apr 22, 2013 (BUSINESS WIRE) -- Some of the largest mortgage lenders in the country have now enrolled in the Keep Your Home California Principal Reduction Program, which provides as much as $100,000 in principal reduction for financially strapped homeowners with underwater mortgages.

Bank of America was the first to join; Wells Fargo and JPMorgan Chase - also known as Chase - quickly followed. With these banking giants now on board with the Principal Reduction Program, the pool of California homeowners who can take advantage of no-cost principal reduction has grown substantially. Over 60 other servicers participate in the Principal Reduction Program as well, including Cal Vet, Capital One, Ocwen and U.S. Bank.

Keep Your Home California Principal Reduction Program Attracts Major Servicers - MarketWatch

Keep Your Home California relief still slow but picking up steam
April 22, 2013|By E. Scott Reckard

Los Angeles is one of the bubbliest housing markets in the U.S., second only to Washington, D.C., a report says.

Los Angeles is one of the bubbliest housing markets in the U.S., second only… (Paul Sakuma / Associated…)

A federal foreclosure-prevention effort that earmarked nearly $2 billion to help troubled California homeowners has delivered only about one-sixth of those funds during its three years in existence.

The pace of assistance is finally accelerating, according to officials overseeing the state’s delivery vehicle for the funds, known as Keep Your Home California. They said the pipeline is swelling because Bank of America, Wells Fargo Bank and Chase Bank -- the biggest providers of mortgage customer service -- all have now agreed to use the funds for principal reduction.

Keep Your Home California relief still slow but picking up steam - Los Angeles Times

Mar 7, 2013, 2:57pm PST
Mortgages
Mortgage help program offers eligibility tool
Sacramento Business Journal
Email | Twitter | LinkedIn | Google+

Mortgage assistance program Keep Your Home California has launched a more streamlined website that helps homeowners figure out whether they can get help.

By navigating through a questionnaire, homeowners can determine whether they qualify for mortgage help, and what might be the best program or programs to pursue in getting help.

Keep Your Home California also shares success stories of some of the 22,0000 people it has helped by the $2 billion federally funded program, according to a news release.

The mortgage assistance organization, overseen by California Housing Finance Agency, can help people struggling to pay their mortgages through one of four programs.

Hardships may come in the form of job loss, reduced pay, divorce or unforeseen medical expenses that make it difficult to pay the bills.

The tool to determine eligibility is just that -- a tool. It’ll help give homeowners information before they seek formal help. They’ll still need to call a Keep Your Home California counseling center.

“We know it’s a difficult period for many people, so we want to let homeowners know if they are good candidates as soon as possible, in a matter of minutes,” CalHFA executive director Claudia Cappio said in a news release.

Programs include unemployment mortgage assistance, mortgage reinstatement for past-due payments, principal reduction and transition assistance, for people who need help moving in case of a short sale or deed-in-lieu of foreclosure.

More than 100 mortgage servicers are on board with the program. Not all mortgage companies participate in all programs, though.

More than $260 million has already been disbursed by Keep Your Home California since the program began in early 2011. Another 10,000 people are expecting to get help once they get final eligibility.

Keep Your Home California offers mortgage help eligibility tool - Sacramento Business Journal

[nullgeo]

Originally Posted by Darth Silius

Thanks for taking the time to help out the OP. Good on ya.

Now he can decide how wonderful or not they are.

Some volunteer to help others ... some earn their living figuring out how to screw people.