Sherry C.’s daughter, a mortgage professional, encouraged her to apply for Keep Your Home California.
But it wasn’t until she saw a Keep Your Home California commercial on television that Sherry picked up the phone and applied for the free mortgage-assistance program.
“I was at my wits ends, I’ve been in my home for 35 years and I thought I was going to lose it,” says Sherry, who lives in the Sacramento region. “I was in tears. I paid every payment on time.”
But the retired state employee was like many homeowners in the state, she had refinanced her home and then the market tanked, leaving her with a severely underwater mortgage, as much as $300,000.
She applied for the Principal Reduction Program, which offers as much as $100,000 to help homeowners who owe more than their home is worth bring their outstanding mortgage balance closer to their homes’ current value.
Sherry applied in late October and was approved a few weeks later.
“They were very professional,” Sherry says of her experience with the counselors at Keep Your Home California. “Everyone was very respectful, cooperative and knowledgeable.”
Keep Your Home California dramatically cut her principal and reduced her monthly mortgage, from $1,220 per month to $805.
For the retiree on a fixed income, the monthly savings is a huge help.
“When the lady called, I started crying, my prayers were answered,” says the mother of three adult daughters. “I was between a rock and a hard spot, Keep Your Home California saved my life.”