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More Lenders Added to CA Mortgage Aid Program

January 16, 2012

More lenders added to Calif. mortgage-aid program

Written by Lily Leung3:36 p.m., Jan. 10, 2012
Updated 4:42 p.m.

More financial help is on its way to those fighting to remain in their homes throughout the state, including the San Diego region. — Howard Lipin / Union-Tribune staff The number of loan servicers taking part in a state mortgage-aid program continues to grow roughly one year after its launch, said officials from the California Housing Finance Agency.

The Keep Your Home California program, which began in February, now has 55 participating mortgage servicers, up from 21 in June.

The growing list is important because the $2 billion in aid, which aims to help low- to moderate-income homeowners, is contingent on lender participation. Homeowners send their monthly mortgage payments to loan servicers.

State housing officials said the 55 mortgage servicers that are taking part in the program represent 90 percent of the home loans in the state. They include some of the biggest names in the industry, including Wells Fargo, Bank of America and Chase.

“Adding servicers is critical for our effort to help financially strapped families in the state,” said Executive Director of the California Housing Finance Agency Claudia Cappio in a statement.

Even though the list of lenders has grown, not every lender has been willing to take part in all four sub-areas that fall under the “Keep Your Home California” umbrella.

For instance, most of the 55 servicers are participating in two subprograms that provide unemployment mortgage assistance and mortgage reinstatement assistance. But only a dozen of the 55 servicers are willing to cut principals for their borrowers. About half are involved in the transition assistance program.

See all the participating servicers here.

In all, 10,000-plus borrowers in California have either received funding or are about to get assistance from all four subprograms, officials said. The latest figures from the housing finance agency show 635 households in San Diego County have benefited from the program. That translates to almost $13 million in assistance.

Info: Call 888-954-KEEP(5337) between 7 a.m. and 7 p.m. Monday through Friday, and 9 a.m. to 3 p.m. on Saturdays. Visit: http://www.KeepYourHomeCalifornia.org or http://www.ConservaTuCasaCalifornia.org.

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From → Homeowners, Sellers

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