Homeowner Candy W. says persistence pays off.
The Sacramento-area resident applied for Keep Your Home California in July 2012, but she didn’t qualify at that time.
Several months later, she was approved for a hefty principal reduction by the state-managed program that lowers her monthly mortgage payments by hundreds of dollars.
“It’s all about documentation,” says Candy, who bought her home eight years ago at the peak of the housing market. “You have to be persistent.”
Candy had looked into other programs; she had been approved for two loan modifications, which lowered her interest rate from 5.75% to about 4.75% — but those saved her only $30 per month.
She needed more help.
As a state employee, Candy had lost a significant amount of income from furloughs and through a divorce. So, when she heard about Keep Your Home California on Sacramento TV station KCRA and a local radio station, she decided to apply and see if the state mortgage-assistance program was an option.
“It was a shot in the dark,” says Candy, who admits she was stressed about her mortgage. “But I was hopeful that something would come along.”
She says the process was rather simple, but adds that homeowners need to complete the paperwork as soon as possible and be an active participant in the process.
“Everything just has to be documented,” she says. “It’s just about following along with your processor.”
Now, she tells coworkers and friends about Keep Your Home California.
“It’s pretty encouraging,” says Candy, who has detailed the program to at least 10 coworkers during the past several months. “This is a major help.”