LA County Now Will Focus on Helping Homeowners Who Can’t Make Their Mortgage Payments

The Los Angeles County Board of Supervisors has passed a proposal by Supervisor Janice Hahn and coauthored by Supervisor Hilda Solis to prevent foreclosures in L.A. County by connecting struggling homeowners with foreclosure prevention counseling and mortgage assistance.

“We have been able to make progress keeping renters in L.A. County in their homes during this crisis by implementing an eviction moratorium and putting $100 million toward rent relief for families struggling to pay rent,” said Supervisor Hahn, author of the motion. “But homeowners are struggling too and without a concerted effort on the county’s part, we may be facing a wave of oncoming foreclosures and homelessness.”

An announcement of the proposal says that it includes a two-pronged approach.  The first is $1.5 million allocated to assist homeowners facing foreclosure by connecting them with foreclosure prevention counselors who can assist with loan modifications, forbearance, and work with their lenders to keep them in their homes. The second is $4 million allocated to creating a mortgage financial relief program which will provide deferred and forgivable loans to homeowners to help stabilize their mortgage with their loan servicer. The program will be targeted to assist areas of the county that have experienced high levels of foreclosures.  Those areas will be identified in a plan to be developed by the county’s Department of Consumer and Business Affairs, which will provide the services when the program is developed.

“Housing is a human right and as a result of the economic fallout of this COVID-19 crisis, many impacted individuals and families are on the brink of experiencing homelessness through no fault of their own,” said Supervisor Hilda Solis, the co-author of the motion. “In the midst of this unprecedented global pandemic, many workers in LA County are unemployed indefinitely, and one of the critical steps we can take right now is to keep them in their homes.”

0 0 vote
Article Rating

Subscribe
Notify of
guest

This site uses Akismet to reduce spam. Learn how your comment data is processed.

0 Comments
Inline Feedbacks
View all comments
0
Would love your thoughts, please comment.x
()
x