Governor Schwarzenegger Launches Public Awareness Campaign to Help Homeowners Avoid Foreclosure
|
|
Governor Seeks Relief for Military Personnel and Veterans
Today in Riverside, Governor Schwarzenegger launched a public awareness campaign to educate homeowners about steps they can take to avoid losing their homes to foreclosure. Last week, the Governor announced an agreement with major lenders to help prevent more home losses in California. The Riverside-San Bernardino metropolitan area had the third highest foreclosure rate in the nation last quarter, with one foreclosure filing for every 43 households.
Help is available and homes can be saved. The Governor urges homeowners in trouble to take action.
- Many lenders are ready to work with homeowners to save their homes, but homeowners must engage with their lenders. Remarkably, in more than half of all foreclosures, loan officials have been unable to reach borrowers.
The Governor’s $1.2 million public education and awareness campaign will help borrowers get the information they need to protect their homes.
- Funded through
existing consumer education efforts within the Business, Transportation and
Housing Agency and the Department of Consumer Affairs, the campaign
will:
- Inform borrowers about their options and urge them to work with lenders before foreclosure.
- Encourage borrowers to use nonprofit housing counselors.
- Partner with local leaders and trusted organizations, like churches and community groups, to spread the message.
The Governor is taking immediate action to assist California’s veterans and military personnel at risk of foreclosure.
- Today the Governor directed the Department of Veterans Affairs to work with his non-traditional mortgage task force to explore ways the CalVet Home Loan program can provide fixed rate loans to active military personnel and veterans who qualify and currently have subprime loans.
The State of California has resources ready and available now.
- The “HOPE Hotline” (1-888-995-HOPE or www.995HOPE.org) provides free mortgage counseling 24 hours a day, seven days a week.
- www.yourhome.ca.gov and www.sucasa.ca.gov list resources and provide practical information in English and Spanish for homeowners who are struggling to keep payments current.
Governor Schwarzenegger is working to save Californians’ homes. He:
- Announced an agreement last week with
four major lending agencies and urged other lenders to join to keep subprime
mortgage borrowers at their initial interest rate if they are living in their
home and making timely payments, but can't afford the loan “re-set” to a higher
rate.
- Praised U.S. Treasury Secretary Henry Paulson for meeting with lenders to pursue a similar agreement on a national level.
- Signed legislation to increase protections for Californians who own or plan to purchase homes and to expand affordable housing opportunities.
- Will continue to lobby Congress to raise federal loan limits so that more California families can take advantage of these secure products.
- Directed his Cabinet to form the Interdepartmental Task Force on Non-Traditional Mortgages which consists of leadership from two agencies and seven departments.
- Made $1.16 million in Community Development Block Grant funds available to counties for consumer counseling and urged Congress to provide more funding for these programs in California.
