PROPERTIES GOING ONCE . . . .; FORECLOSED HOUSES ON BLOCK.Byline: Deborah Adamson Daily News Staff Writer
This Saturday, Cheryl and Darryl Freeman hope to take their first steps toward owning a home.
The Pacoima couple will bid for one of 62 foreclosed properties being offered at below-market prices. Among the agencies and companies underwriting Underwriting
1. The process by which investment bankers raise investment capital from investors on behalf of corporations and governments that are issuing securities (both equity and debt).
2. The process of issuing insurance policies. Saturday's auction are Freddie Mac Freddie Mac: see Federal Home Loan Mortgage Corporation. , Glendale Federal Bank and the Los Angeles Los Angeles (lôs ăn`jələs, lŏs, ăn`jəlēz'), city (1990 pop. 3,485,398), seat of Los Angeles co., S Calif.; inc. 1850. City Housing Department.
``We're excited,'' Cheryl Freeman said. ``We had the opportunity to look at the homes. Some are really nice.''
The homes range in price from $56,000 to $160,000, most of them single-family homes. Although organizers hope to attract low- to middle-income families, anyone of any income level can participate in the auction. And buyers are required to live in the homes for at least a year.
Organizers hope the auction will revitalize re·vi·tal·ize
tr.v. re·vi·tal·ized, re·vi·tal·iz·ing, re·vi·tal·iz·es
To impart new life or vigor to: plans to revitalize inner-city neighborhoods; tried to revitalize a flagging economy. some parts of the northeast San Fernando Valley San Fernando Valley
Valley, southern California, U.S. Northwest of central Los Angeles, the valley is bounded by the San Gabriel, Santa Susana, and Santa Monica mountains and the Simi Hills. .
``This will improve the neighborhoods,'' said Marlene Grossman, project director for Pacoima Beautiful, a community group and member of the housing alliance whose goal is to beautify the area. ``We don't want houses to be vacant, to be empty.''
The properties range from town homes to two- to four-bedroom single-family homes, some with swimming pools, said Isa Mulberry mulberry, common name for the Moraceae, a family of deciduous or evergreen trees and shrubs, often climbing, mostly of pantropical distribution, and characterized by milky sap. Several genera bear edible fruit, e.g. , vice president and manager of Glendale Federal's housing and community development department.
Single-family homes start at $80,000, while condominiums and town houses are priced from $56,000. The average home price is $110,000. The prices are below market to encourage buyers, organizers said.
The houses are scattered throughout Pacoima, Arleta, Sylmar, Lake View Terrace, San Fernando San Fernando, city, Argentina
San Fernando (săn fərnăn`dō), city (1991 pop. 144,761), Buenos Aires prov., E Argentina. It is a district administrative center in the Greater Buenos Aires area. , Sun Valley, Panorama City and Mission Hills.
GlenFed, the only bank with a branch in Pacoima, is the lender for the program.
A 5 percent down payment is required. But qualified buyers can put down as little as 2 percent or $1,000, whichever is less. The remaining 3 percent can come from the city as a no-interest loan, providing the borrowers fall under the qualification for low- to moderate-income households.
Buyers have to pay back the loan when they sell the house or after 30 years, whichever comes first.
The city's Housing Department has set aside $1.25 million for the program. Those who don't qualify for the city's loan can apply for other GlenFed programs, or come up with the 5 percent themselves.
How it works
The auction will start at 11 a.m. Saturday at the Airtel Plaza Hotel The Plaza Hotel in New York City is a landmark 19-story luxury hotel with a height of 250 feet (76 m) and length of 400 feet that (122 m) occupies the west side of Grand Army Plaza, from which it derives its name, and extends along Central Park South in Manhattan. in Van Nuys. Bidders are urged to arrive at 9 a.m. for registration.
To get a list and photos of the properties, visit the auction information center at 12040 Foothill Blvd., Pacoima. It is open from 10 a.m. to 7 p.m. For more information, call the center at (818) 834-3851.
Glendale Federal Bank, one of the program's sponsors, recommends that buyers be pre-qualified for a loan before the auction. The auction center will be pre-qualifying buyers until 5 p.m. Friday.
Buyers can be pre-qualified Saturday morning but they have to bring their three most recent payroll stubs stubs
The shares of equity in a firm that is financed almost completely with debt. Stubs are often created when firms go through a leveraged buyout or pay big cash dividends in order to fend off a takeover. , two year's worth of W-2 forms W-2 Form
The form that an employer must send to an employee and the IRS at the end of the year. The W-2 form reports an employee's annual wages and the amount of taxes withheld from his or her paycheck. or tax returns, and the most recent savings, checking and credit statements.
PHOTO (color) Isa Mulberry of Glendale Federal Bank stands outside one of 62 Valley properties that will be auctioned off Saturday.
Myung J. Chun/Daily News
BOX: How it works (see text)