LA County’s Board of Supervisors passed a motion, last week, to prevent foreclosures in the County by connecting struggling homeowners with foreclosure prevention counseling and mortgage assistance.
The adopted motion calls for an expansion of LA County’s existing Foreclosure Prevention Program and establishes a Mortgage Financial Relief Program that will be available through LA County’s Department of Consumer & Business Affairs (DCBA), once developed.
The motion includes the following funding allocations:
- $1.5 million to assist homeowners facing foreclosure by connecting them with foreclosure prevention counselors who can assist with loan modifications, forbearance, and work with their lenders to keep them in their homes.
- $4 million allocated to creating a Mortgage Financial Relief Program which will provide deferred and forgivable loans to homeowners to help stabilize their mortgage with their loan servicer. The program will be targeted to assist areas of the County which have experienced high levels of foreclosures.
To learn more about existing foreclosure prevention resources offered by DCBA, visit dcba.lacounty.gov/foreclosure-prevention.