Debra says homeowners shouldn’t delay and apply for the program as soon as possible.
Debra T. has a bit of advice for cash-strapped homeowners considering the Keep Your Home California program – don’t delay and call today.
“I kept putting it off,” says Debra, who kept hearing Keep Your Home California commercials on radio station KFRG (better-known as “KFROG” in Southern California). “I didn’t want to hear the word ‘no.’ ”
Eventually, Debra applied for the federally funded, state-run mortgage program early last year and was approved in May 2012. She was approved for $100,000 in principal reduction, the maximum under the Principal Reduction Program.
A servicer-approved loan modification coupled with the Keep Your Home California Principal Reduction Program dropped her principal from $280,000 to $138,000.
“I was so ecstatic.” says Debra, who lives in Bloomington in San Bernardino County. “I’m so thankful that this type of program was available.”
Debra definitely fits the requirements for help from the $2 billion program, established under the Hardest Hit Fund. Her husband died after a long battle with cancer in 2008. He didn’t have life insurance and even with health insurance, the medical bills took their financial toll.
“My biggest fear was losing the house,” says Debra, who has three children at home and her mother living with them as well. “It’s a small house and it’s a little cramped, but I wouldn’t have it any other way.”
She suspects her experience with her mortgage servicer is probably similar to many other homeowners, who are struggling to keep their homes.
“It’s really frustrating to a lot of homeowners,” she says. “I’m sure a lot of homeowners lost their homes because servicers dragged their feet or they were just overwhelmed (with the number of homes and homeowners in trouble).”
But her experience with Keep Your Home California was much better.
“I was really pleased with the response from Keep Your Home California,” Debra says. Her counselor “was very helpful.”
So, Debra strongly encourages homeowners to learn more about the program and apply for the free mortgage help as soon as possible.
“I recommend the program to anyone who is struggling,” she says. “It doesn’t hurt to try.”