We would like all servicers doing business in California to be involved in this effort.
See a list of participating servicers and which programs they are currently offering.Approximately $2 billion in federal Hardest Hit Funds have been allocated to California, one of the states hardest hit by the nation’s foreclosure crisis.
The Keep Your Home California (KYHC) program is administered by the California Housing Finance Agency Mortgage Assistance Corporation (CalHFA MAC) and utilizes this funding through a number of programs that provide direct financial contributions to help reduce and prevent avoidable foreclosures statewide.
The programs assist eligible low and moderate income mortgagors with approved payments going directly to the participating mortgage servicers for three of the programs, or directly to the homeowner for in the case of the Transition Assistance Program, in order to ease administration of payments. Keep Your Home California programs include:
- Unemployment Mortgage Assistance Program (UMA) – up to $3,000 a month in mortgage payments for up to twelve months for mortgagors actively collecting unemployment benefits.
- Mortgage Reinstatement Assistance Program (MRAP) – up to $25,000 for reinstatement of arrearages.
- Principal Reduction Program (PRP) – up to $100,000 contribution toward principal balance reduction.
- Transition Assistance Program (TAP) – up to $5,000 in transition assistance for short sales and deeds-in-lieu of foreclosure.
Because our payments are made directly to you, the servicer, we must have your company enrolled and prepared to participate before we can work with any of your mortgagors.
Based on strong media and general public interest, we have experienced high volumes of inquiries from mortgagors needing assistance. We cannot provide assistance to your mortgagors without your active participation in our program(s). We are actively enrolling servicers for participation in the KYHC program. Servicers of all sizes are participating in Keep Your Home California.
Enrollment Details & Common Questions
If you are a mortgage loan servicer and you are interested in becoming one of KYHC’s participating servicers, please contact Sandra Gallagher at 916.326.8057 or email@example.com. [Homeowners should call toll free 888-954-5337]
These Servicer FAQs may help answer some of your questions.