Parent Stress

Los Angeles, CA March 15, 2004–One Los Angeles Family Says Predatory Lending? Not In My Home!

It is hard to believe the same family, with the same credit rating, can walk into two different mortgage companies to refinance their home loan, and receive drastically different qualifying rates. This is a difference in rate that would have cost the family over $300 more a month in their payment, and over $4000 in lost equity every year, totaling over $10,000 in lost equity over the life of the loan, if they had not tuned to Hot 92.3 Jamz.

Well, it happened to the Avina family! In October of last year, the Avinas started the process of refinancing their home with their then current mortgage company, so they can ensure their rate would not go up, since they were in a two year adjustable mortgage that was ready to soar. The Avina family also needed to consolidate some debts, and fix the roof on their house.

While their loan was in the process, the Avinas heard a show on Hot92 Jamz, in Los Angeles, about homeownership that featured Fair Community Lending Services (FCLS). The show discussed the disparities which exist in homeownership, leaving minority families as the #1 victims of predatory lending, unfair lending practices, and gave consumers tips on how to protect themselves. The Avina family then realized they may have been victims in the past, and might be victims again, so they called Fair community Lending Services for help.

FCLS opened the door to the Avina family by educating them on the home loan process, and connected them to Platinum Capital Group, a Los Angeles based broker, to help them get into a better position. Platinum Capital Group offered the Avinas a 30 year fixed program at 7.74% as opposed to the 9.625% 2 year adjustable mortgage in which their current lender was trying to place them.

“My mortgage company laughed at me when I told them that I found someone who can give me a 2% less rate, and it was a 30 year fixed loan - not just a 2 year fixed. They said it would never happen. Ana and her husband shared their story on Sunday, March 14 on 92.3 FM, in Los Angeles, on The Community Review show which can also be heard at www.hot92jamz.com worldwide and is hosted by Josefa Salinas, the same show that empowered them in 2003. The hour long show reached out to more consumers in an effort to provide them with the tools to become homeowners, or take back control of their equity by ensuring they are in the best rate for their credit.

“When Fair Community Lending Services comes on the air the phones are always ringing!” comments host of the community review Josefa Salinas. I found out I was a victim after they came on my show. They helped me refinance two of my homes, saving me hundreds of dollars a month on my payments, which I now understand will save me thousands of dollars in equity. I am dedicated to helping other families do the same.”

“Equity is the key word,” comments founder of FCLS Shirn Sharkawi. “Rate disparities cause a loss of wealth. In 1920 African Americas owned 15.5 million acres of land. Today, they own 1.1 million acres. I have to ask myself if we have really moved forward. Every day we hear and see horror stories of families wanting a home so bad that they are willing to do whatever is needed. White house statistics released a couple of years ago, show 50% of minority families are in higher rates than which they qualify. Over 9 billion dollars in hard earned equity is lost every year to predatory lending. That 9 billion dollars could be put back in the pockets of homeowners, in the form of their kids’ education, health insurance and for many - food on their table. Minority consumers are targeted in every area, and FCLS is working to ensure consumers’ homes are protected.”

Fair Community Lending Services works to eliminate predatory lending, and increase minority homeownership. The company’s foundation was built on the finding resolution to the barriers that exist in homeownership as reported by HUD (Housing and Urban Development) in order to assist President Bush with Americas Homeownership Challenge, that calls on an increase in minority homeownership by 5.5 million families by 2010. The company’s one of a kind approach works to educate consumers, connects them with a fair broker or lender who agrees to cap their fees and rates, and audits files prior to closing, to ensure consumers are in the best rate for their credit standing, and all regulations have been met.

PRESS CONTACT: Shirin Sharkawi, shirin@faircommunitylending.com, 310-258-9818, www.fcls123.com