Bank of America Home Loans Associates assist customers seeking help in making their loan payment more affordable at a recent event hosted by the Alliance for Stabilizing Our Communities – a nonprofit partnership including New Economics for Women, Los Angeles Urban League and Asian Pacifica and Policy Council (including organizational representation across a variety of Asian communities) and supported by Bank of America.
New Effort to Help Preserve Homeownership
Among Multicultural Households Comes to Los Angeles
Alliance for Stabilizing our Communities brings new resources and education fairs from local community organizations to those hardest hit by foreclosures
Multicultural homeowners in neighborhoods hardest hit by the foreclosure crisis received additional resources to help stay in their homes, thanks to a new partnership among housing nonprofits serving African American, Hispanic and Asian American communities.Â New Economics for Women, Los Angeles Urban League, Asian Pacific and Policy Council, Search to Involve Pilipino Americans, Thai Community Development Center and Chinatown Service Center are collectively a part of the Alliance for Stabilizing our Communities, a national partnership of the National Urban League (NUL), National Council of La Raza (NCLR) and the National Coalition for Asian Pacific American Community Development (National CAPACD).Â The alliance works with national nonprofit housing leaders and Bank of America to bring hands-on counseling services and home rescue fairs to local markets, with a goal of providing at-risk homeowners with the best housing solutions possible.
Homeowners benefited from: One-on-one sessions with a loan specialist; HUD approved housing counselors and attorneys; Foreclosure prevention workshops; and In-language assistance
Homeowners brought a series of documents with them, including: Current pay stubs (within the last 30 days); and 2008 income-tax returns; three months of bank statements; Household expense budget; Copy of closing documents and most recent correspondence from your mortgage company; and Most recent property-insurance and mortgage statements
To continue their efforts in assisting households at risk of foreclosure, the alliance hosted a home rescue fair at Panorama High School in San Fernando Valley recently, providing counseling services, foreclosure prevention workshops and in-language assistance. Housing experts led workshops including: Foreclosure 101, Crisis Budgeting, The President’s Making Homes Affordable Plan, and Don’t be a Victim of Loan Fraud. Los Angeles’s home rescue fair was one of 40 the alliance will host in 27 different communities nationwide, expecting to serve more than 11,000 households.
The home retention initiative is part of a two-year commitment by the organizations to provide resources and counseling to homeowners with the greatest need. The alliance’s first home rescue fair was held in Chicago, IL in March 2009 and served more than 600 local households.
For more information about the Alliance for Stabilizing our Communities, homeowners can call 1-866-842-3391, visit any alliance member organization office or attend a local home rescue fair.