Foreclosure Prevention Fair Offers Solutions to Preserve Homeownership
Inglewood and surrounding neighborhoods are prime examples of the gains that had been made in minority homeownership in the last 20 years. It is critical that local elected officials, financial institutions and community based organizations focus on protecting these neighborhoods from the crime and blight that is associated with high levels of foreclosure, while preserving homeownership rates and owner-occupied dwellings.
The California Association of Realtors and the Inglewood Board of Realtors are committed to supporting homeownership preservation efforts. These organizations, as well as the Center for Foreclosures Solutions partners, want to emphasize the need for borrowers to reach out immediately to their mortgage lender or a HUD-certified housing agency to prevent mortgage distress and foreclosure. No one should pay for a loan modification.
During the event, NeighborWorks(r) America will be initiating the launch of their national public education campaign to combat loan modification scams. NeighborWorks(r) America staff and volunteers will educate homeowners about the various loan modification scams that exist and help them file a complaint if they feel like they have fallen victim to loan modification fraud.
Homeowners can take a first step by attending a free and confidential Foreclosure Prevention Fair on Saturday, October 24, from 9 a.m. to 3 p.m. at The Tabernacle, 321 N. Eucalyptus Avenue in Inglewood. Homeowners must bring their mortgage statement(s), last four pay stubs and monthly budget.
Borrowers should plan on arriving as early as possible to ensure a meeting with their lender (if present) or a counselor from a HUD certified housing agency.
HUD certified counselors, select lenders/servicers and attorneys will be on hand with information on:
Â¥ Foreclosure Prevention
Â¥ Fraud Identification, Prevention and Complaint Submissions
Â¥ Credit Recovery and Budgeting
Borrowers are encouraged to register by calling 213-381-2862, sending an email to
Los Angeles Neighborhood Housing Services (LA NHS) established the Center for Foreclosure Solutions in 2007. Along with Center for Foreclosure Solution partners, LA NHS continues to be committed to working with mortgage lenders, financial institutions and elected officials to push valuable resources into neighborhoods that are severely impacted by foreclosure. As a HUD certified housing agency, LA NHS has seen progress being made with the Home Affordable Modification Program (HAMP). There is hope that continued focus on this program will ensure additional successes in helping families preserve homeownership.
Over the last 25 years, LA NHS has reinvested more than $2 billion into neighborhoods throughout the county. As a part of this work, it has developed and rehabilitated more than 11,000 housing and commercial units, put 1.9 million families on the road to homeownership, created 175 block clubs, and employed 200 neighborhood youth. As a lender to these underserved communities, LA NHS has maintained a loan portfolio with a 3% or less. delinquency ratio and no foreclosures. LA NHS is the largest, non-profit, affordable homeownership provider in Southern California.