The Keep Your Home California (KYHC) Program

Are you on the verge of losing your home? If you're in California then you should read this article shared by a Sacramento bankruptcy attorney. Who knows, this might be the kind of help you're looking for.

New funding for Californians to keep out of foreclosure and bankruptcy is held up by banks. -0-

The U.S. Treasury Department has funded an ambitious effort by the California Housing Finance Agency (CalHFA) to use nearly $2 billion in federal money to help California families struggling to pay their mortgages. The principal reduction program is critical for homeowners whose mortgages are “underwater”—where the homeowner owes more on their mortgage than the home is worth. The Keep Your Home California (KYHC) program is focused on assisting low and moderate income families stay in their homes and out of bankruptcy, but without the cooperation of mortgage banks the funds sit idle. -0-

“KYHC is a major step toward keeping those facing foreclosure in their homes, but until the mortgage companies get on board the funds are out of reach,” complains Sacramento bankruptcy attorney Julius J. Cherry. “The banks need to act and act now.” California lawmakers agree. -0-

More than two dozen members of Congress are telling major national mortgage servicers like Ally Financial, Bank of America, Citigroup, JPMorgan Chase, and Wells Fargo to fully participate in KYHC. The lawmakers wrote the mortgage servicers encouraging them to “make every best faith effort to reach agreement with CalHFA to participate in each facet of this program, especially the principal reduction program, in order to assist the ongoing effort to stabilize California’s housing market.” -0-

The following members of the California delegation cosigned the letter: Reps. George Miller, Baca, Becerra, Berman, Capps, Cardoza, Chu, Susan Davis, Eshoo, Filner, Garamendi, Harman, Honda, B. Lee, Lofgren, Matsui, Roybal-Allard, Li. Sanchez, Lo. Sanchez, Schiff, Speier, Stark, Thompson, Waters, Waxman, Woolsey. -0-