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Foreclosure Resources
“The foreclosure crisis is having a dramatic impact across the country.
California, which saw some of the greatest increases in housing prices in
recent years, is at the center.”
– U.S. Senator Barbara Boxer (D-CA), January 11, 2008
Los Angeles and its neighboring counties in California have been among the hardest hit by the foreclosure crisis in 2008. Los Angeles County had 122,408 properties in foreclosure, the most for any county. Riverside came in second with 82,072 foreclosures filed, and San Bernardino ranked third with 64,144. (The Los Angeles figure represents a 107 percent increase over last year.) With this in mind, here are some resources available in our community that can help homeowners and renters deal with these issues.
The first step consumers should take who are facing foreclosure is to contact their lender if they believe they are eligible for loan restructuring. This could result in lower mortgage payments for as long as the mortgage has to run. (Lenders are beginning to realize that permanently receiving less interest may be a better solution than foreclosing on the home.) If they are not sure if they are eligible, they should consult some of the resources listed below.
- The “HOPE Hotline” (1-888-995-HOPE or www.995HOPE.org) operated by the Homeownership Preservation Foundation, provides free mortgage counseling 24 hours a day, seven days a week. This agency has just been added to our database and will be able to be found by searching under the term Homeowner/Home Purchase Counseling or Foreclosure Assistance.
- The state’s English and Spanish language consumer mortgage information websites which include helpful information for prospective homebuyers, as well as homeowners who are experiencing difficulty in keeping payments current: www.yourhome.ca.gov and www.sucasa.ca.gov.
- Renters in Foreclosure (County of Los Angeles Department of Consumer Affairs Information Sheet) Renters Rights on Foreclosure
- Foreclosure Rescue Scams (County of Los Angeles Department of Consumer Affairs Information Sheet)
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