Councilmember Alarcon and the Los Angeles NeighborWorks Center for Foreclosure Solutions
Join Forces to Help Families in Sylmar, CA, a Neighborhood Overwhelmed by Foreclosure
Los Angeles, CA – September 24, 2010 – (RealEstateRama) — In partnership with Councilmember Richard Alarcon and the Los Angeles NeighborWorks® Center for Foreclosure Solutions (CFS) families who are in mortgage distress and facing foreclosure can get immediate help at the upcoming Help & Hope Fair. The fair serves the dual purpose to help families prevent foreclosure and provide hope to families who dream of purchasing a home now that home prices are lower than in the past. The CFS has received Federal Stimulus (American Recovery and Reinvestment Act of 2009) funding which is earmarked for the Neighborhood Stabilization Program, a program with the goal of stabilizing communities by rehabbing foreclosed properties and selling them to lower income families. The fair will include a component to educate potential homebuyers about the steps to take to purchase the “right” home and find down‐payment assistance. Other organizations supporting the fair include Los Angeles Neighborhood Housing Services (LA NHS), City of Los Angeles, FDIC, Keep Your Home Foundation, Bet Tzedek, Legal Aid Foundation‐Los Angeles and Public Counsel. The CALIFORNIA ASSOCIATION OF REALTORS® is working in conjunction with the partnership as well.
“Our work in the Northeast San Fernando Valley is critical,” says Mrs. Lori Gay, president and CEO of LA NHS. Mrs. Gay also shared, “Sylmar is in one of the zip codes most impacted by foreclosure in Los Angeles County.” Reported foreclosures in the Northeast and East portion of the San Fernando Valley are extremely high. There are five zip codes in that area ranked among the Top 15 ”Foreclosure Hot Spots” in Los Angeles County. 1 Van Nuys, as a whole, has the highest number of reported foreclosures in the area. The table below summarizes the number of reported foreclosures in Sylmar and surrounding neighborhoods.
As poverty rates in Los Angeles increase and home sales decline, it is evident that economic recovery is not coming soon enough. Over 18,400 families have already lost their home in 2010 as of August 31, 2010 (Dataquick Information Sources, August 2010) . Continued high unemployment, furloughs and more interest rate adjustments will add to the crisis. Despite the difficult market, the families who have money saved, a good credit score and reliable income can purchase a foreclosed home.
The Details
Where: Sylmar High School, 13050 Borden Ave., Sylmar, CA 91342
When: Saturday, October 2, 2010 ‐ 9:AM – 2:PM – Arrive early to avoid a long wait.
What: HUD certified housing agencies, select lenders/servicers and attorneys with information on foreclosure prevention and the home‐buying process, including down payment assistance program. Bank of America, JP Morgan Chase, GMAC, PNC Mortgage, Saxon and Wells Fargo will be onsite working to save homes for families.
About Los Angeles Neighborhood Housing Services
Over the last 25 years, LA NHS has reinvested more than $2.2 billion into neighborhoods throughout the county. As a part of this work, it has 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 these underserved communities, LA NHS has maintained a loan portfolio with a 3% or less delinquency ratio and 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, nonprofit, 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
