NORTH HOLLYWOOD — Struggling homeowners sat alongside cash-strapped home shoppers and other attendees during a set of workshops Saturday aimed at helping residents through their financial crises.
Some were unemployed and looking for guidance on their job searches; others sought advice on modifying home loans or overcoming growing debts.
The workshops, held at Romer Middle School, were organized by Assemblyman Paul Krekorian and aimed at residents within the 43rd Assembly District.
The goal was to bring troubled residents together with government and nonprofit representatives who could start attendees down a path to recovery, Krekorian said.
“That’s what we’re here to do: to give you the tools that you need to empower you to fight back,” Krekorian told an audience of more than 100 visitors at the start of the event.
Attendees broke up into sessions related to consumer affairs, renters’ rights, potential home buyers, unemployment and homeowners, who made up the largest of the morning sessions.
Severe losses had led Burbank resident Calvin Jung to the event.
Jung was forced to close his chiropractic and massage center in downtown Los Angeles after business had slowed to a halt during the recession. He lost close to $90,000 over two years, he said.
He said he hoped to get help modifying his home loan, which he wasn’t currently having trouble paying but was expecting to.
“It’s going to get tough because my business is gone, I don’t have a job, and the [stock] market took 90% of my money in September,” Jung said.
He spoke with workshop facilitators, including one from Los Angeles nonprofit Operation HOPE, who said the group could help Jung negotiate a modified loan with his bank.
Other homeowners had similar questions about adjusting their payments and some inquired about filing for bankruptcy in order to get their home values and loans modified to match today’s manageable market prices.
That step will not work because bankruptcy judges have not been authorized to modify loans, Neighborhood Legal Services staff attorney Antonio Hicks told the group.
Bankruptcy might be a useful option for people hoping to clear some of their debt obligations, although the process would allow a judge to dictate what residents must do with their assets, Hicks said.
Potential home buyers crowded into a small classroom to hear about government programs that offer financing help.
