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...]

Certified Default Advocate, at your service

I have witnessed too many people losing their beloved homes and making uneducated decisions in the Los Angeles Westside. There are quiet problems for homeowners in sweet little communities like Westchester, Rancho Park and Mar Vista. Unemployment, divorce, medical circumstances and just plain bad luck in a bad economy have forced desperate homeowners to make ill-informed decisions about loan modifications. Do you know that what you tell your lender could cost you your home and … [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...]

Loan modifications: Do you really want to apply?

monopoly top hat man for post on loan modifications

If you are considering a loan modification in Los Angeles, think about the long-term impact of your financial disclosures. What you reveal can be quite costly if you later decide to pursue a short sale. The bank will ask for all of your financial information. It may also seek detailed information on your hardship. Say you have property in Playa Vista or Palos Verdes that is declining in value. You've lost your job and have a bit of savings keeping you afloat. Chances are you have a … [Read more...]

Ending deficiency judgments in Calif. short sales

magnifying glass spotlights short sale news

I’ve been working with distressed homeowners in Mar Vista, Westchester, Beverlywood and Cheviot Hills who are reluctant to explore short sale options because of possible deficiency judgments. They can breathe a little easier with the arrival of a new state law that prohibits first-mortgage holders from seeking judgments against homeowners once a short sale has been accepted. State Senate Bill 931 was signed by Gov. Schwarzenegger last fall and now has become California law as Section 580e … [Read more...]