If you fell behind on your mortgage, or are one of the homeowners who did not receive renters’ assistance during the pandemic you might be able to benefit from the Foreclosure Prevention and Mortgage Relief Program, a grant for those families who are in danger of losing their home, or owners of rental units who are behind their payments in LA County.
One of the most serious economic impacts of the pandemic is foreclosure, as thousands of families could end up homeless, and rental unit owners could lose their investment.
To avoid that, the Los Angeles County Board of Supervisors, through the Department of Consumer and Business Services and the Center for Economic Recovery created the Foreclosure Prevention and Mortgage Relief program.
“The program is part of the measures the county is taking to provide relief to local homeowners, it is an investment of $5 million in net county costs that advance our effort to avoid another crisis where thousands lost their homes,” said Rafael Carbajal, Director of the Los Angeles County Department of Business and Consumer Services.
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The program excludes the City of Los Angeles because it has its own assistance program.
People who qualify for this program are property owners who have experienced financial difficulties between March 1 and December 31, 2020, as a result of the COVID-19 emergency, Carbajal said.
To apply, “Property owners need to be living in one of the units, and cannot own more than four units,” he added.
Approved applicants can receive up to $20,000 to help with their mortgage payment delays.
Americans mortgage debt climbed to a record high of nearly $10 trillion during the pandemic, according to the Federal Reserve Bank of New York. To help explain, NBCLX talked to the chief economist of the Association of Realtors, Lawrence Yun, and Danielle Hale, the chief economist at Realtors.com, who shared advice for first-time home-buyers.
“You don’t have to be ashamed to ask for help, we are here to help you. Typically, families of color have fewer resources to avoid losing their homes and property. This program will be a lifesaver for many on the verge of losing their home, ”said Carbajal.
Starting Monday, April 12, you can request mortgage relief by calling (888) 895-2647.
Those interested can also get more information and advice in a series of informative workshops taking place this week. For more information visit nhslacounty.org/mortgagereliefprogram.