Foreclosure Aid May be on Way

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Los Angeles City Councilman Richard Alarc & #243;n sought $5million in foreclosure assistance Wednesday for residents in danger of losing their homes as the housing market continues to unwind, the Daily News reports.


Alarc & #243;n’s Emergency Foreclosure Assistance Program would be administered through the city’s Housing Department, providing loans and grants to residents threatened with foreclosure. The loans would likely average from about $5,000 to $10,000.


“More people are losing their home today than were lost in the (1994 Northridge) Earthquake,” Alarc & #243;n said. “We responded to that emergency, and we need to respond to this one.”


And $5 million is a reasonable amount to set aside for this program, he said.


“We are well beyond the point of this being simply a problem. The American dream of home ownership has turned into a nightmare for far too many Angelenos who find themselves face to face with foreclosure.”


Alarc & oacuten;’s motion came as J.D. Power and Associates released a study showing that lenders will work with homeowners in accommodating late payments, but are less understanding of these circumstances than a year ago.


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