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L.A. owners caught in foreclosures

December 30, 2007|Michelle Hofmann

A May 6 article on Southern Californians facing foreclosure featured the stories of Alvin Clavon and Rogelio Alvarez.

In April, Irvine-based New Century Financial agreed to suspend temporarily collection of payments related to a pending foreclosure against South Los Angeles homeowner Clavon, 34.

Clavon and his wife, Debbie, 35, bought the Spanish-style bungalow in Hyde Park for $205,000 in April 2003 and refinanced twice from 2004 to 2005 to consolidate debt. But in July 2006, Clavon lost his job, couldn't meet monthly loan payments, and the lender filed a default notice.

Clavon, who listed the home in the low $500,000s in May, said the home is still for sale.

The family is in talks with their lender.

"We hope to work something out really soon," Clavon said.

Construction worker Rogelio Alvarez, 26, bought his three-bedroom home in Escondido for $485,000 in February 2006.

As work slowed, Alvarez struggled to meet his mortgage

John Woodall, a short-sale specialist and broker and owner of Vista-based Home Auction Advantage, represented Alvarez in a short-sale offer, but the lender rejected the offer and foreclosed in June.

"They rejected the $350,000 short sale because they hired an appraiser who appraised the property for around $411,000," Woodall said.

On June 18, assessor records indicate that San Jose-based First Franklin acquired title to the property for $414,277.

The vacant property went back on the market in August at $365,000 and is currently listed for $325,900.

-- Michelle Hofmann

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