VAN NUYS, CA – May 4, 2011 – (RealEstateRama) — Nearly 100 homeowners attended a foreclosure prevention seminar in Van Nuys on Saturday, April 30, which was sponsored by the Southland Regional Association of Realtors, Los Angeles Neighborhood Housing Services, and the Federal Home Loan Bank of San Francisco (FHLBank San Francisco). Rep. Brad Sherman (CA-27) was a special guest at the event.
Organizers said that 35 families received private counseling on how to prevent foreclosures, while another 10 families consulted with an attorney about their housing problems.
“The foreclosure prevention seminar was an opportunity for Valley families facing the risk of foreclosure to seek one-on-one assistance from certified housing counselors to help modify their loans,” said Congressman Sherman. “I want to thank the Federal Home Loan Bank of San Francisco and all the sponsors for once again hosting this important seminar in the San Fernando Valley.”
Lori R. Gay, president & CEO of Los Angeles Neighborhood Housing Services, said that unfortunately homeowners continue to face challenges with obtaining adequate help to modify their mortgages. “Every opportunity that a homeowner is afforded to speak with their lender, update their financial information, and try to overcome their mortgage problem is critical,” she said. “This event provided every family that opportunity, and we are grateful that those who attended were provided with immediate help to resolve their mortgage difficulties.”
Dwight Alexander, vice president at FHLBank San Francisco, said the seminar assisted families by explaining their legal rights, counseling those facing potential foreclosure, providing information on loan modifications, and helping homeowners identify fraudulent programs.
“Many Americans are still facing the possibility of losing their homes in foreclosure,” Mr. Alexander said. “We are doing all we can at the Federal Home Loan Bank of San Francisco to provide homeowners with the counseling and information they need to help them keep their homes. The key is that troubled homeowners must communicate with their lenders. That is the important first step.”
The Federal Home Loan Bank of San Francisco
The Federal Home Loan Bank of San Francisco delivers low-cost funding and other services that help member financial institutions make home mortgages to people of all income levels and provide credit that supports neighborhoods and communities. The Bank also funds community investment programs that help members create affordable housing and promote community economic development. The Bank’s members—its shareholders and customers—are headquartered in Arizona, California, and Nevada. Members may include federally insured depositories—commercial banks, credit unions, industrial loan companies, and savings institutions—as well as insurance companies and community development financial institutions, including privately insured, state-chartered credit unions.