Mr. Kang and his wife had a dual income, but his wife became unemployed on December 10th, 2009. The family fell behind on the mortgage payment since January of 2011, leaving them with a total Principal and Interest payment of $12,428.50. He then contacted KCCD for assistance. KCCD advocated on behalf of Mr. Kang' s family. Due to our efforts, the interest rate of his mortgage was lowered from 6.375% to 2%, reducing their monthly payment by $1504.81 a month and allowing them to keep their home.
Like many other small businesses, Mr. Hong' s dry cleaning business was deeply impacted by the hardships created by this difficult economic climate. Five months behind his mortgage payments, Mr. Hong feared that his family would lose their home and that there was nowhere to turn for help. However, Mr. Hong' s dire situation was turned around through KCCD's assistance. KCCD advocated on behalf of Mr. Hong' s family. Due to our efforts, the interest rate of his mortgage was lowered from 5.25% to 3%, saving their family over $2,700 a year and allowing them to keep their home.
Mrs. Choi and her husband is operating small restaurant in Koreatown. The location of the restaurant is inside the big commercial building with many tenants. Since mid 2007, the building was undergoing massive construction for remodeling, which in turn drove out majority of tenants for temporary basis. The construction project is scheduled to end by end of 2008. Though the restaurant was in business, due to lowered number of tenants, the sales went down dramatically. At the same time, the mortgage that was refinanced in 2005 reset and monthly payment went up. The borrower did everything possible to make up the monthly payment, by borrowing from friends and family members. In April 2008, the borrower contacted KCCD for our foreclosure assistance program. With help from the counselors, workout packet was submitted for consideration for loan modification. After about 8 weeks of wait, the lender approved for loan modification, from 9.5% to 2.5% interest rate for the next 5 years. After 5th year, the interest rate will increase gradually and will be fixed at 6.5% for the remaining of the term. Mrs. Choi is now making about $2500 monthly payment, down from $6000 before the modification.
The Pak family purchased the property with OptionARM hoping that with the increase in value of the property and good business income, they can maintain the property. A series of financial burdens starting from Mrs. Pak’s major surgery, slowed business, reduction in income, and lowered housing market. They were barely maintaining with minimum mortgage payments. When the payment was about to reset, they came to seek assistance from KCCD. KCCD was able to provide counseling sessions, and together submitted workout packet to the lender. About 3 months later, the lender approved the loan modification, and fixed the interest rate of 1% for the next 4 years. Then the rates would be increased to 5.25% for the remaining term of the loan. The payment is now affordable. Without KCCD’s help the payment would have been increased and unable to make the payments.
In October 2007, Mrs. Jang contacted KCCD for her mortgage delinquency and her short-sale status. She was working with an real estate agent to sell her property. She purchased in 2004 with negative amortization (min monthly payment is half of the amount of interest only, and the short-fall amount is being added to the principal) 1st mortgage, and later acquired 2nd line of credit in 2005. Because her 1st was negative amortization, the principal was growing. Her small business slow-down and she couldn’t keep up the mortgage payments, and she decided to sell the property. Because the principal increased, and house price dropped, she was in “Upside down” (amount owe is more than the house price) situation. At the time when she contacted KCCD, the agent, one who was trying to short-sale the property, was already working with an offer, which was about $10,000 less than what the total amount owe. For some reason, the deal did not go through. Mrs. Jang contacted KCCD again for additional help. KCCD carefully assessed the borrower’s situation, and consider the fact that the house is sellable. Shortly after Mrs. Jang contacted KCCD, she received a Notice of Default, and soon after the trustee sale’s date was assigned. The 2nd contact to KCCD was in December, and trustee sale’s date was in January 20. With very short time left, KCCD requested for loan modification and delay of trustee sale. 1st mortgage holder, Countrywide Home Loans, agreed to delay the trustee sale to April. With about 90 days of delayed foreclosure sale, KCCD referred to a real-estate agent.
From $3,414 To $2,138- 최근경제악화로인해Mr. Shin씨는주택차압의위기까지갔으나KCCD 의도움으로차압을막고오바마정부프로그램Home Affordable Modification Trial Period Plan을받으셨습니다.페이먼트는$3,414 에서$2,138 으로줄어들었습니다.
From 6.7% To 2% / From $2,171 To $1,181- Griselda 선생님께서 8개월이 밀린 상태로 오셔서KCCD 의 도움을 받으시고 오바마정부프로그램Home Affordable Modification Trial Period Plan 을받으셨습니다. 이자율이6.7%에서2%로줄어들었습니다.
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KCCD's Homeownership Education
Jose C., a Los Angeles resident who has become victim to the recent Foreclosure Crisis, has been desperate for a loan modification. Making prior payments up to $1762.78 with interest’s rate as high as 6.25% for his home, he sought for the help of KCCD’s FamilySource Center. Therefore,KCCD’s Case Managers where able to successfully work with KCCD’s HousingCounseling Agency to modify Jose C.'s loan. Jose is now makingpayments of $946 and with a 1% interest rate. Jose had saved up over $816.78 with the assistance of KCCD and the Wilshire FamilySource Center.
KCCD National Lighting the Community Conference Participant Awarded $2000 Grant!
May 10, 2011- Attending KCCD's 6th National Lighting the Community Conference certainly paid off for the attendees from Ark of Noah Church, based in Los Angeles, CA.
In applying the techniques learned from KCCD's Conference, Ark of Noah Church was delighted to be notified they were awarded a $2000 grant from Nara Bank for their homeless and senior citizen ministry... According to Associate Pastor Eun Sook Park who attended both days of the KCCD conference held at Wilshire Grand Hotel in April of this year, this was the first time that Ark of Noah Church tried and successfully received a corporate grant although the church has been active in serving the community for the last 29 years. The pastoral staff and the elder board of Ark of Noah Church are truly grateful for KCCD's commitment to working with the local churches in providing the "how-to's" in applying for funding. Rev. Young Kyu Kim, Senior Pastor, stated that he would encourages more churches to work side-by-side with KCCD and explore possibilities in terms of finding resources for their community outreach programs. For now, Ark of Noah Church will continue to hone their newly learned skills and continue to seek creative ways to sustain their on-going ministries. KCCD would like to applaud Ark of Noah Church for their longstanding service to the local community. For details on how to also develop your resource capacity for your community outreach programs, please contact KCCD Outreach Manager, Andrew Kim at email@example.com or 213.985.1500 Ext. 217
KCCD's Support of WCC Food Pantry, Jung Ja K.
Jung K., is a 70-year-old Korean American living in a Senior Living Center here in Los Angeles, who had previously escaped from North Korea through the Underground Christian Church. Although she had experienced the most extreme faces of poverty in North Korea, her life here in Los Angeles has only been improved marginally. Still living below the poverty line, she does not have consistent means of acquiring food. However, through KCCD’s partnership with the Wilshire Christian Church and the Hope-Net Food Bank, Jung K. has been able to consistently acquire food for this past month, and has even received emergency cash assistance from KCCD in the form of a Ralphs Gift Card.
KCCD's Wilshire Family Source Collaborative
Monica L., a 41-year-old resident here in Los Angeles, has three sons and one daughter all under the age of 14. She is a single parent and is a Korean American who has been un-employed for the past year. Desperate for financial assistance and support she came to KCCD’s Wilshire Family Source Center with the Hope that help is available. Without health insurance and without adequate funds to support her family, KCCD’s Case Managers immediately noticed her dire situation. Therefore, with the 1-E-App process KCCD’s Case Managers were able to successfully connect her family to the Department of Public Social Services, where she is now receiving both Medical and Food Stamps. Monica sincerely Thanks KCCD and the Wilshire Family Source Center, to give them this opportunity for sustainable support.
Willy, a 54-year-old resident here in Los Angeles, is currently disabled/handicapped and unemployed. However, even without a job, Willy has had wonderful capacity, volunteering here at the Paramount Plaza for the past 6 months. His only means of income has been through the supplemental security income benefits. However, living below the poverty line he has had extreme difficulties making consistent utility payments. Therefore with the help of KCCD Case Mangers, Willy was able to get a 1-E-app screening, where he was then successfully connected to the Home Energy Assistance Program(HEAP). With the support of LIHEAP, Willy has since received a deduction on his utility payments.
Job Training & Placement