"I spent countless sleepless nights worrying about losing my house and going to bankrupt. I hadn't expected too much when I contact KCCD, but they were able to help me and now I have no worries. Thank you KCCD!"
- Soo-ji Choi, KCCD Client
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(An newspaper article from Korea Times on July 3, 2008)
Through assistance from KCCD's Foreclosure Prevention & Loss Mitigation Program, Mrs. Soo-ji Choi and her family can now rest easy knowing that their home is safe from foreclosure.
Mrs. Choi and her husband had been successfully operating a small restaurant in Koreatown until very recently when they encountered a dramatic reduction in their business income as a result of vacating tenants in their building. At the same time, their adjustable mortgage rate increased. Mrs. Choi made every effort to keep up with the higher payments but with no resolve.
As a last resort and with much hesitation, Mrs. Choi sought help from KCCD. To her surprise, KCCD was able to successfully contact the lender and negotiate a workout on her behalf. With the new terms, Mrs. Choi's payment dropped from $6200 to $2300 with the interest rate adjusting from 9.5% to 2.25%.
KCCD has been providing Foreclosure Prevention and Loss Mitigation Assistance since October 2007. KCCD provides free foreclosure workshops and counseling to local and national clients. Counseling sessions can be conducted via phone, email or in person. For more information, please call KCCD at (213) 985-1500 OR hca@kccd3300.org. Visit our website www.kccd3300.org
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