As you might recall, a few months ago I hosted a workshop on “Foreclosure Prevention” because I was (and am) very concerned about the impact the current mortgage industry is having on the economic stability of our City — particularly the 5th Council District which has the largest number of single family residences in the City.
When people aren’t able to pay their mortgages — they sometimes do a “key toss” and walk away — leaving the home vacant, run down and unattended. It also means reduced tax revenues for needed public services.
Last week, in the Council Committee on Transportation and Infrastructure — of which I am Vice Chair — we listened to a presentation from the Center for Foreclosure Solutions and the stats in Los Angeles County and Long Beach specifically.
Facts:
- LA County foreclosures for 2007 reached 12,469 reflecting an annual change of 82.4%
- Every 30-35 minutes, a family is losing their home in Los Angeles
- 43,146 Southern California homeowners received notices of default in 2007
- 2007 foreclosures in LA County:
- Lancaster, 1215
- Palmdale, 1113
- Pomona, 261
- Reseda, 200
- Pacoima, 182
- Norwalk, 170
- Long Beach, 158
- Panorama City, 140
- Granada Hills, 132
- North Hills, 132
For the period of April 2007 - March 2008 Long Beach has had the following home foreclosures:
- 561 Single Family Residences
- 187 Condominium Units
The City is beefing up its “Vacant Building Monitoring Ordinance” to make certain there is close monitoring and enforcement of vacant buildings and ensures property maintenance standards.
If you are having trouble paying your mortgage — get help and do not ignore the creditors. They don’t want to own homes — they want their loans repayed and most are willing to work with the borrower.
You can receive confidential, free counseling on what you can do to prevent foreclosure by calling the LA Neighborhood Works at: 213 381-2862 or by emailing: counseling@lanhs.org.