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. Homeowners can avoid foreclosure due to Covid with the following program.
The Foreclosure Prevention & Mortgage Relief Program is a $5.5 million initiative developed by the Los Angeles County Board of Supervisors. Homeowners adversely affected by the COVID can receive support from this program.
The program excludes residents of the City of Los Angeles because it has its own assistance program.
LA County Board of Supervisors, NHS Center for Economic Recovery, and the Department of Consumer & Business Affairs developed this program.
Mortgage relief & Foreclosure counseling
This initiative will provide mortgage relief and foreclosure counseling to L.A. County property owners. Approved applicants will receive grants up to $20,000 to help offset mortgage delinquencies. The program will pay relief funds directly to lenders and servicers. In addition, applicants will receive expanded foreclosure prevention counseling services.
This program will benefit single-family homeowners and property owners with four or fewer units, living in communities highly impacted by COVID-19. Those who suffered financial distress as a result of COVID-19 between March 1, 2020, and December 31, 2021, can apply to the program.
The program will help low- and moderate-income communities and those who have suffered a higher percentage of significant health impacts during the ongoing COVID-19 pandemic. Properties must be owner-occupied.
The Neighborhood Housing Services of LA County (NHS) will administer the relief fund and deploy funds to qualified applicants from a diverse set of cities and unincorporated areas throughout Los Angeles County, excluding the City of Los Angeles. Program Eligibility Includes:
• Residents of LA County are good
• Residents of LA City are ineligible candidates
• The Property must be owner-occupied
• Up to 80% Area Median Income for 1-unit property owners
• Up to 150% Area Median Income for 2-4 units property owners
• Counseling with HUD-approved counselor from partner agency required
Nonprofit HUD-approved counseling agencies will provide free foreclosure prevention counseling to property owners in multiple languages.
Avoid Foreclosure – How to apply?
The Neighborhood Housing Services of LA County (NHS) accepts applications for this program since April 12, 2021. Starting Monday, April 12, property owners can apply for the Mortgage Relief Program by calling (888) 895-2647 or visiting nhslacounty.org/mortgagereliefprogram.
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.
Sources: Get More information here:
• Foreclosure Prevention & Mortgage Relief Program
• LA County Mortgage Relief Program to Offer $20,000 Grants to Property Owners Affected by COVID-19 Pandemic
• LA County Offers Mortgage Relief Program to Help Property Owners