Los Angeles, California – Los Angeles Neighborhood Housing Services (LA NHS) hosted a press conference featuring the Reverend Jesse Jackson as he spoke to homeowners facing foreclosure in a Los Angeles neighborhood. Reverend Jackson urged Los Angeles homeowners at risk of foreclosure to take the first step to avoid losing their biggest investment by calling for help at 888-995-HOPE.
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Margaret Frisbee, Pacific director of NeighborWorks
America, was joined by the Rev. Jackson, LA NHS CEO
Lori Gay, and homeowners who were able to avoid
foreclosure through the efforts of the Los Angeles
NeighborWorks Center for Foreclosure Solutions. |
Rev. Jackson said, “Hope takes a dive with predatory loans, our national finance leaders must step forward.” Rev. Jackson added. “We are facing an economic tsunami, with nothing less than our nation’s economic future at stake. We can pay a little now or a whole lot later,” said Rev. Jackson. “It’s the choice that our political and financial leaders must make and they must make that choice soon.”
“We must do all we can to ensure homeownership is preserved for families throughout Southern California. The earlier financially distressed homeowners reach out for assistance, the more options they have to address their mortgage issues and potentially avoid foreclosure,” said Lori Gay, CEO and president of Los Angeles Neighborhood Housing Services.
In California, 1 out of 88 homeowners is in foreclosure. In Los Angeles, a family loses their home to foreclosure every hour. Additional foreclosure data include:
- 41,062 Southern California homeowners received notices of default; only half of those will escape foreclosure by refinancing, selling their homes, or bringing their loan current;
- LA County foreclosures for 3rd quarter reached 3,627 reflecting an annual change of 577.9% over the same time last year;
- LA County's foreclosure rate dropped below the state average during the third quarter;
- Third quarter saw a combined 13,314 foreclosures in the seven Southern California counties of Imperial, Orange, Los Angeles, Riverside, San Bernardino, San Diego and Ventura; this is up from 1,960 in the third quarter last year — an increase of 579%;
- Los Angeles led the way out of all counties in Southern California with 3,627 foreclosures.
LA NHS, along with a number of partner agencies established the Los Angeles NeighborWorks Center for Foreclosure Solutions as a means to addressing the foreclosure crisis. The foreclosure center is dedicated to providing a soft landing for families during this difficult time. LA NHS and its partners, include local HUD-certified housing counseling agencies, financial institutions, local realtors, state agencies and legal organizations. These agencies have joined to provide counseling, affordable lending and real estate services as part of the foreclosure solution.
About NHS of Los Angeles
Los Angeles Neighborhood Housing Services is a not-for-profit lender and community developer dedicated to building stronger neighborhoods. Since 1984, LA NHS has served over 1.7 million families, developed and rehabilitated over 10,700 housing and commercial units, established 172 block clubs, educated and counseled over 87,000 homebuyers and families, and invested more than $1.8 billion back into some of Los Angeles' toughest neighborhoods. LA NHS is a charter member of the NeighborWorks network.
