State Launches Consumer Home Mortgage Information Web site, Hosts Series of Town Halls Statewide

In an effort to continue enhancing financial literacy, the Business, Transportation and Housing Agency and the State and Consumer Services Agency today launched the Consumer Home Mortgage Information Web site (www.yourhome.ca.gov) to help Californians make informed decisions when buying a home or deal with existing mortgages. The Administration also announced that a series of town hall meetings will be held statewide, in partnership with local legislators, to help educate the public about mortgage issues.

"In an effort to help borrowers who are struggling to make their mortgage payment, the Administration has developed a three pronged approach to address the increase in foreclosures. These efforts include consumer education, enforcement against unscrupulous licensees, and new regulations to ensure consumers better understand the loan products that are available," said Department of Housing and Community Development Director Lynn L. Jacobs. "By visiting www.yourhome.ca.gov or attending one of the town hall meetings, borrowers can obtain helpful information about the foreclosure process, tips on working with lenders to hopefully avoid foreclosure, and how to file a complaint with the appropriate regulatory agency, if a borrower believes a violation of the law occurred."

"The 'American Dream' of owning your own home must be kept alive," said Assemblymember Garcia. "We must do all we can to prevent families from losing their investment or worse, ending up homeless. I encourage people not to wait until they are in a crisis - anyone who bought a house in the past three years, is facing foreclosure or is currently looking to buy should attend one of these town halls. Bring your loan documents, delinquency notices or questions and get straight answers from the experts who will be there to help."

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