Call Kurtis: $2B Up For Grabs For Struggling Homeowners

Nearly two billion dollars is up for grabs for California homeowners. They've relaxed the rules so more people can get help.

Under the Keep Your Home California program, it's free money so you don't lose your house.

"There were months where I really had to struggle to find the money," says Jack Hill, Orangevale resident.

Since losing his job three years ago, Jack Hill has been burning through his savings to keep his Orangevale home.

"I looked for work, haven't found any," says Jack.

After Jack applied for the state's Keep Your Home California "Unemployment Mortgage Assistance Program," he was approved to have his mortgage payments covered for six months!

"Terrific... terrific and somewhat surprised," says Jack.

Just this month, the program has relaxed its rules so those who own a second property or did a cash out refinance on their home, can still qualify.

"Don't wait till it's too late," says Di Richardson, Program Director, Keep Your Home California.

Richardson says of the nearly $2 billion, $1.6 billion is left. They hope to help 100,000 Californians avoid foreclosure.

"There are tons of modification programs out there but nobody's qualifying. Why aren't they qualifying? So we want to use these funds to make more people eligible," says Richardson.

There are four programs available:

-- Unemployment Mortgage Assistance, which Jack used, will now pay up to $3,000 each month for up to 9 months

-- Mortgage Reinstatement Assistance pays up to $20,000 to help homeowners get current on their mortgage

-- Principal Reduction will pay up to $50,000 for underwater mortgages if your bank matches the same dollar amount.

-- Transition Assistance will pay up to $5,000 to homeowners who can longer afford their home, transition to new housing

But you have to qualify.

-- You must own and occupy your California home as the primary residence

-- There are income limits. For example, in Sacramento County, you must make $90,100 or less

-- You must have a hardship.

-- Your unpaid principal balance cannot exceed $729,750.

-- Your mortgage servicer must participate in this program

"If you think you're having trouble, give us a call. You do not have to have missed a payment for us to help you," says Richardson.

Jack's sure glad he did and hopes he'll land a new job soon. "I've always landed on my feet, so this has helped me land on my feet," says Jack.

So far, more than 16,000 people have applied. More than half have been approved. The program's call center will be closed for the Thanksgiving weekend but they will reopen on Monday, Nov. 28th.

(888) 954-KEEP (5337)
www.keepyourhomecalifornia.org