Single Family Programs
Keep Your Home California is a foreclosure prevention program that was developed for struggling California homeowners as part of the U.S. Treasury's Hardest Hit Fund.
California is receiving almost $2 billion in federal funds to assist low and moderate income homeowners.
CalHFA created the Keep Your Home California program after asking community leaders and housing advocates around the state how to best help families. This input helped CalHFA establish four programs with one main goal – keeping homeowners in their homes. The four programs have a far-reaching impact for families undergoing financial hardships, from helping unemployed homeowners make their mortgage payments, to a principal reduction program for those facing much lower home values. A mortgage reinstatement program allows qualified homeowners to get back on their financial feet and in step with their mortgage payments, while a fourth program offers money for homeowners to relocate after a pre-approved short sale or deed-in-lieu.
Almost 40 loan servicers, including Bank of America and Wells Fargo, are participating in at least one of the four programs. Almost half of the servicers are participating in at least three programs.
Keep Your Home California, which fully launched in February, has attracted significant media attention and the counseling center handles an average of nearly 1,000 calls per day, with some days topping 2,000 calls from homeowners seeking more information or applying for programs. While Keep Your Home California directly benefits homeowners, it also stabilizes neighborhoods and communities because foreclosed homes are bad for business, the economy and neighborhoods.
Accomplishments - Keep Your Home California
- Allocated more than $80 million in funds to nearly 4,700 homeowners over the last four months of the fiscal year.
- Recruited nearly 40 mortgage servicers to the program, covering about 85 percent of mortgages in California.