Have you been contacted by your lender that your house payment is late? Maybe you are 2 or 3 payments behind, and your mortgage lender is threatening you with foreclosure on your home. You are certainly not alone in this situation. In today’s recessionary economy, many homeowners are in the same boat.
It may have been a job loss or some other unexpected setback that placed you in this position. Whatever the reason, it is possible to stop foreclosure fast, if you take the appropriate action.
You will need to communicate promptly once you have been told by your lender that your payments are late. By taking action early on, you will increase the likelihood that your banker will be able to cooperate with you.
There is more than one way to stop foreclosure fast. In the case of a short period of unemployment, or some other hardship of a temporary nature, the best solution might be a forbearance agreement. If your lender agrees to a forbearance agreement, you would probably have to pay a portion of the overdue payments right away, and the rest over a period of the next several months. This type of arrangement does not work well for most borrowers, because the make-up payments are in addition to their regular monthly payments. However, if your income is high enough to handle the extra burden for a few months, this is the fastest way to resolve the problem and get caught up.
Other available options to stop foreclosure fast include signing a deed in lieu of foreclosure, obtaining a short refinance loan, selling your home on a short sale, or qualifying for a loan modification agreement, or modification of mortgage
Most borrowers prefer a loan modification agreement over the other options we have discussed, simply because it results in lower monthly payments. A permanent change is made to the terms of your loan. The lender either agrees to a lower rate of interest on the loan, or an extension of the total repayment period.
Loan modifications, or modification of mortgage, have become very popular. Thankfully, these homeowners have been given the opportunity to stay in their homes. The bad news is that, most lenders now have a ponderous backlog of non-performing home loans, and can be slow to respond to your calls and letters.
It is easy to understand the frustration of many homeowners over their failed efforts to work out an agreement with their mortgage lenders. It is not uncommon for them to be passed along from one lender’s representative to another. They may be speaking to a different employee each time they call. Most of the employees you talk to are a low-level clerk who has been taught to read from a script and give you boiler-plate answers. But, they don’t have the authority to actually change any of the terms of your loan. You may find that, after sending in the payment you were told to, your mortgage lender goes ahead with foreclosure proceedings anyway.
Best-case scenario is that you actually speak to someone in authority and succeed in negotiating a loan modification agreement. You then enter the next phase which can be a rather lengthy one . You will need to submit documentation, review, notarize and execute new loan documents, and oversee the entire transaction through escrow.
Depending on your temperament and amount of time available to deal with all of this, you might find it’s more manageable to get assistance from a loan modification expert. These professionals have experience in dealing with most of the mortgage lenders. They know who to contact with the authority to negotiate an agreement. They have the necessary negotiating skills to represent your interests, and often can save you thousands of dollars over the life of the loan. Having all the details attended to can lift a huge burden off your shoulders, and may provide the most efficient way for you to stop foreclosure fast.
LACMTA Metro Purple Line Westside Extension groundbreaking ceremony, November 7, 2014
Image by Metro Transportation Library and Archive
Photo by Steve Hymon for Metro harvested from The Source:
Leaders of the L.A. County Metropolitan Transportation Authority (Metro) today joined federal, state and local elected officials in the Mid-Wilshire District of Los Angeles to break ground on the long awaited Metro Purple Line Extension Project, the largest, most ambitious public works project in the Western United States.
In July, Metro’s Board of Directors approved a contract with Skanska, Traylor and Shea (STS), a Joint Venture, to construct the Purple Line Extension Project. Construction of the subway extension will connect West Los Angeles to the region’s growing rail network, making it possible to travel between Downtown Los Angeles and Westwood in 25 minutes. The first subway segment will extend the Purple Line 3.9 miles from the existing Wilshile/Western Purple Line terminus near Koreatown into Beverly Hills. Three new underground stations are planned at Wilshire/La Brea, Wilshire/Fairfax and Wilshire/La Cienega, providing fast, frequent, high-capacity transit service farther west along busy Wilshire Boulevard.
“The Purple Line will ease traffic along the congested Wilshire corridor and will make traveling from the westside to downtown faster and greener.” said Eric Garcetti, Mayor of Los Angeles and Metro Board Chair. “When it comes to infrastructure, L.A. is on the move. We are right now investing 36 billion dollars in our transportation infrastructure to ease congestion and create thousands of jobs. All together, this is the largest public works project in the nation. In the car capital of the world, we are looking to reduce traffic and cut air pollution by giving people car-free options to get to work and play.”
The Purple Line Extension is a critically important rail project that is partially funded by the 2008 Measure R sales tax that was overwhelmingly approved by two-thirds of L.A. County voters. The first segment of the subway is expected to be completed in 2023 with a project budget of .821 billion. In addition to this local funding, Metro received a .25 billion Full Funding Grant Agreement (FFGA) from the Federal Transit Administration to help pay for the first segment. The U.S. Department of Transportation also granted Metro a low-interest loan of 6 million from a Transportation Infrastructure Finance and Innovation Act (TIFIA) to complete the funding package for the project’s first phase. Combined, these nearly billion in project commitments represent the biggest federal transportation investment for a single construction segment in the history of Los Angeles County.
The remaining 1 million in project funding for the first segment includes Measure R, City of Los Angeles local funding, and other existing local and federal funds.
“Today we launch the construction of the first subway segment along the Wilshire corridor to West Los Angeles,” said Los Angeles County Supervisor and Metro Board Member Zev Yaroslavsky. “No transit corridor in our region is in greater need of mass rapid transit. The area to be served is one of the most dense employment centers in the county and is plagued by some of the worst traffic congestion in the country. This groundbreaking is long overdue and will be well received by people who work and live in the Westside.”
“Breaking ground on the Purple Line extension is an important step toward completing this key transit option for Angelenos, which will help relieve congestion and boost the local economy,” said U.S. Senator Diane Feinstein. “I applaud the efforts of everyone who helped us reach this point, but we have work left to do. The federal government is committed to providing .25 billion of the .8 billion cost for phase one, but future phases will require an estimated .5 billion. I will continue to strongly support federal funding to complete this important transit project.”
The project is planned to be built in three sections. Section 2, which will include Wilshire/Rodeo and Century City stations, is scheduled for completion in 2026. Section 3, which will include Westwood/UCLA and Westwood/VA Hospital stations, is planned to open in 2035. When all three project sectionss are complete, the Purple Line will extend westward from Wilshire/Western for nearly nine miles with a total of seven new stations.
Metro is currently seeking additional federal funding that could accelerate subway construction for Section 2 in the form of a .1 billion grant from the federal New Starts program, and a 7 million low-interest loan from the federal TIFIA program.
“Los Angeles has made enormous strides to expand transportation options and accelerate construction of projects that will create jobs, improve mobility, and spur economic growth,” said U.S. Senator Barbara Boxer. “The Purple Line Extension is another major accomplishment. I am proud that the TIFIA Program from MAP-21 provided key financing of 6 million that enabled this project to move forward.”
“The Purple Line extension puts Angelenos to work building a 21st century transit system for our city,” said U.S. Congressman Xavier Becerra. “Connecting the Westside to the greater Los Angeles area by subway will create over 25,000 jobs, increase ridership and result in a boon for our local economy. This project is the right investment that will keep Los Angeles on the move.”
The full nine-mile project is projected to generate about 62,000 daily weekday boardings at the seven new stations. Today, there are 39,000 daily boardings on the Purple Line between Union Station and Wilshire/Western. By 2040, 150,000 daily boardings are expected on the Purple Line between Union Station and Westwood/VA Hospital.
During peak periods, trains are expected to run every four minutes. During off-peak periods, they are expected to run every 10 minutes. It will also create tens of thousands of jobs and generate increased economic activity for the region.
Over 300,000 people travel into the Westside every day for work from throughout the region. More than 100,000 people leave the area for outside destinations. These numbers will increase over time. The Purple Line is expected to provide a much needed transit alternative for traveling to and from West Los Angeles, one of the county’s most densely populated, job-rich areas. The area is also home to major world-class destinations.
“I’m delighted that construction on the Purple line extension is beginning,” said U.S. Congressman Henry Waxman. “This rail link will fundamentally change how the people of L.A. get around and provide a direct route to some of the great sites in the Westside. After section one is finished, you’ll be able to hop on the subway downtown and visit the La Brea Tar Pits, the Los Angeles County Museum of Art, the Petersen Automotive Museum and Restaurant Row.”
The subway extension is expected to reduce reliance on automobiles, help reduce roadway congestion, reduce travel times and reduce greenhouse gases.
“The Purple Line Extension will continue to make Los Angeles a great place to work, live and play,” said U.S. Congresswoman Karen Bass. “This extension is an example of what can happen when federal, state and local leaders all work together—bringing billions of dollars into the Los Angeles economy and creating thousands of jobs over the next decade, while building on a vital rail line that will benefit Angelenos for generations.”
“The subway extension project is important not just for the Westside, but for the entire region,” said Pam O’Connor, Santa Monica Mayor and Metro Board member. “Whether you’re traveling to or from West L.A. making the trip will be easier by utilizing the Metro system that connects Angelenos through virtually every part of the county.”
The Purple Line extension also will offer improved connectivity to the entire Metro Bus and Rail network, as well as municipal bus lines and other regional transportation services. It is just one of several projects designed to improve transit options and mobility in the area. Other planned improvements include the Wilshire Bus Rapid Transit Project and Expo Phase II line to Santa Monica.
“This project’s groundbreaking is the culmination of many years of consensus-building on the Metro Board,” said Ara Najarian, Glendale City Council member and Metro Board member. “Our Board unanimously supported the design and construction of the Purple Line Extension, and we are very glad to see construction begin as we make Los Angeles County a world-class destination with rich transit amenities.”