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Free workshop in LA to help homeowners facing possible foreclosure
Some struggling homeowners will get a bit of a holiday gift Saturday, in the form of a foreclosure prevention fair in Los Angeles.
NOW Alliance, the Obama Administration’s Making Home Affordable Program, Los Angeles Neighborhood Housing Services, and NeighborWorks America will host the free workshop at the Shrine Expo Center.
Homeowners who are at risk of foreclosure are encouraged to sign up ahead of time, but people who drop by are welcome, too.
The workshop will give them a chance to meet face-to-face with their lenders and meet with foreclosure-prevention counselors. More than a dozen lenders plan to be there, including Chase, Bank of America and Freddie Mac.
Housing groups have been hosting similar housing workshops throughout LA County and neighboring counties over the last year or so.
LA Neighborhood Housing Services says more than 670 families per week lose their homes to foreclosure in LA County.
Economic experts expect more foreclosures in the next year or two, as adjustable-rate mortgages signed in 2005 and 2006 transition to much higher interest rates.
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LA Mayor Antonio Villaraigosa recently pointed at that two-thirds of families facing foreclosure who meet with HUD-approved housing counselors have been scammed by mortgage modification consultants. They've paid money to try to get help that's offered for free through such foreclosure prevention workshops and HUD-approved housing counselors.
Housing counselors repeatedly say you should never have to pay for a loan modification.
Borrowers can register for the free foreclosure prevention fair by calling (213) 381-2862, sending an email to counseling@lanhs.org or visiting www.lanhs.org.
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