Community Event Provides FREE Help for Homeowners to Combat Foreclosure or New Buyers to Purchase an Affordable Home
County Supervisor Mark Ridley‐Thomas, the Los Angeles County NeighborWorks® Center for Foreclosure Solutions, FDIC and Others Urge Families to Attend Free Foreclosure Prevention and Homebuyer Fair
Los Angeles, CA – February 28, 2011 – (RealEstateRama) — In the last two years, families in Los Angeles County lost their home to foreclosure every 15 to 18 minutes. Dataquick Information Systems reports 26,707 Los Angeles County families lost their home to foreclosure in 2010. In January 2011, 2,196 families lost their home to foreclosure1, indicating that not much has or will change in 2011. Exacerbating the issue is high unemployment and the low volume of permanent loan modifications being made available to families facing foreclosure.
The Los Angeles County NeighborWorks® Center for Foreclosure Solutions (CFS) coalition, which is comprised of over 50 organizations and groups, has proactively worked together since 2007 to define and address the issues related to the foreclosure crisis. Since its inception, the coalition has helped over 45,000 families to submit loan modification applications to their lender. During the same time, Los Angeles Neighborhood Housing Services (LA NHS), the agency which established the CFS, has ranked among the top community development entities in the nation in terms of educating new home buyers. Homeownership creation is imperative to alleviate the impact of the economic crisis and to stabilize neighborhoods. Homebuyer education is essential to creating “neighbors of choice” and educating new homebuyers about what it takes to buy and maintain their investment for the future.
Both foreclosure and the decrease in home prices have exacerbated the housing crises. The CFS coalition has implemented the Help & Hope Campaign in an effort to HELP families facing foreclosure and provide HOPE for families who dream of buying a home now that home affordability is higher than in the past. Southern California residents can take the first step in dealing with foreclosure or the home buying process by attending the FREE & CONFIDENTIAL Help and Hope Fair on Saturday, March 5, 2011. Homeowners in financial distress should bring their mortgage statement, pay stubs and monthly budget to the event to obtain financial counseling.
“My dream is to help more families in our neighborhoods prevent foreclosure, but it is also to help families build wealth by purchasing a home now that prices are more affordable than ever,” says Mrs. Lori Gay, foreclosure crisis expert and president & chief executive officer of Los Angeles Neighborhood Housing Services (LA NHS). “If you have a decent credit score, stable income and some money in the bank, we can help you to invest in real estate and your neighborhood,” said Mrs. Gay.
LA NHS is sponsoring the Help & Hope Fair in partnership with the Los Angeles County Supervisor, Mark Ridley‐ Thomas, the City of Compton, the FDIC, The CALIFORNIA ASSOCIATION OF REALTORS®, 94.7 The Wave, Bet Tzedek, Legal Aid Foundation‐Los Angeles, Asian Pacific American Legal Center and Public Counsel. Over 500 families are expected to attend the fair for help to stop foreclosure of their home or to purchase an affordable home.
The Details
Where: El Camino College – Compton Center, 1111 E. Artesia Blvd., Compton, CA 90221
When: Saturday, March 5, 2011 ‐ 9:AM – 2:PM – Arrive early to avoid a long wait.
What: HUD certified housing counseling agencies, lenders/servicers and attorneys with information on foreclosure prevention and the home‐buying process, including down payment assistance programs. American Home Mortgage Finance, Bank of America, Chase, CitiMortgage, Fannie Mae, HSBC, PNC Mortgage, Saxon and Wells Fargo Bank will be onsite working to help families avoid foreclosure.
About Los Angeles Neighborhood Housing Services
In the last 26 years, LA NHS has reinvested more than $2.2 billion into neighborhoods throughout the county. As a part of our work, we have developed and rehabilitated more than 12,200 housing and commercial units, put 2.1 million families on the road to homeownership, created 175 block clubs, and employed 200 neighborhood youth. As a lender to underserved communities, we have maintained no foreclosures since inception. In 2007, LA NHS established the Los Angeles County NeighborWorks® Center for Foreclosure Solutions to address the foreclosure issue. LA NHS is the largest, non‐profit, affordable homeownership provider in Southern California.
Media Contact Only:
Liliana Argüello, LA Neighborhood Housing Services
Ofc: (213) 381‐2862 ext. 216 Cell: 310‐228‐0959 larguello (at) lanhs (dot) org
Liliana Argüello, MBA
Development Officer
213.381.2862 ext. 216
f: 213.381.2103
www.lanhs.org
Los Angeles Neighborhood Housing Services
3926 Wilshire Boulevard, Suite 200
Los Angeles, California 90010
