And the Oscar for foreclosures goes to …

academy statues for forecloser awards

It’s Oscar and Foreclosure season. What if the 84th Academy Awards had a few more considerations -- ones that tell the compelling story of the power of banks' greed. We are in the midst of the worst housing crisis our nation has known. Families losing their homes to foreclosures. The banking industry dictating homeowner negotiations short sales and foreclosure, even though the banks are not a principal in the transactions. Homeowners, not knowing who can help them save their homes from … [Read more...]

NACA back in L.A., bringing hope

naca loan modification program image

Attention Westside homeowners: NACA is back, bringing pre-foreclosure solutions. Loan modification assistance will be available Feb. 16-20 at the Los Angeles Convention Center. The Neighborhood Assistance Corporation of America was in Los Angeles last year and changed the life of many Los Angeles Westside homeowners with permanent affordable solutions that helped them avoid foreclosure. I wrote about the NACA program at the time. This is not a loan modification scam. NACA is a … [Read more...]

‘Trial’ mortgage-reduction program backfires

teacups signifying brittle mortgage reductions

In desperate times homeowners simply cannot trust their lenders. Hundreds of lawsuits have been filed nationwide over bank foreclosure related to "trial" mortgage modifications that never resulted in payment reductions. The same situation may be playing out in your neighborhood of Mar Vista, Westchester, Culver City -- or perhaps even Beverlywood? U.S. banks offered the temporary modifications as part of the government bailout funding of 2008. The idea was that homeowners paid a lower … [Read more...]

FTC target: dubious claims made to short sellers

Many Westside families have succumbed to financial realities: As in, selling their homes in Playa Vista, Culver City or Westchester to avoid foreclosure. Or, if they're lucky, modifying their loans. In November 2010 the Federal Trade Commission issued rules to protect struggling homeowners, known as Mortgage Assistant Relief Services (MARS). The MARS rules protect homeowners from companies that offer mortgage foreclosure rescues and loan modification services by barring them from … [Read more...]

10 foreclosure facts: ‘You are not alone’

If you're unable to pay your mortgage obligations and are facing foreclosure, you are not alone. Even families in the "affluent" Westside neighborhoods of Santa Monica, Mar Vista, Rancho Park and Manhattan Beach have been hit by the economic downturn. The number of families affected by foreclosure is staggering. Although not all statistics align, the overall trends speak clearly. Thanks to deregulation of the banking industry -- and simple greed on the part of lenders -- we are in the … [Read more...]