Loan Modification Help for Chicago-Area Homeowners This Weekend
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- Kirk Haverkamp | July 20, 2010
Chicago-area homeowners in need of a loan modification to avoid foreclosure can obtain help in doing so a “Fix Your Mortgage” event this Saturday, July 24, in southwest Chicago.
The event will bring together volunteer real estate attorneys, HUD-certified debt counselors and staff from the City of Chicago and Neighborhood Housing Services of Chicago to help homeowners determine if they qualify for a mortgage loan modification under the government’s Making Home Affordable Program. If so, an application can be submitted that same day.
Pre-registration encouraged
The event will run from 9:30 a.m. to 2 p.m. at Little Village Lawndale High School, at 3120 S. Coster Ave., Chicago. Participation is limited; pre-registration is strongly encouraged.
“We are proud that through our ongoing “Fix Your Mortgage” events we have helped thousands of at-risk homeowners apply for loan modifications and greatly reduced the number of homes that might have otherwise gone into foreclosure,” said Ellen Sahli, Chicago Department of Community Development. “We hope that homeowners will take advantage of the free assistance available to help save their homes.”
Chicago area third in loan mods
According to the most recent figures from the Treasury Department, the Chicago region ranks third among all U.S. metropolitan areas in the number of homeowners receiving mortgage help through the Making Home Affordable Program. Over 5 percent of all loan modifications performed under the program took place in the Chicago area.
The Chicago area has seen a sharp increase in foreclosures over the past year. According to the Chicago-based Woodstock Institute, the number of completed foreclosures in Chicago increased 113 percent from the fourth quarter of 2009 to the first quarter of 2010. Cook County had 10,500 foreclosures in the first quarter of the year, with 5,000 of those in Chicago.
Additional events in August, October
The event is one of several being held around the Chicago area this year. Two other “Fix Your Mortgage” events are scheduled, one Aug. 21 at Northside College Prep High School and another Oct. 21 at Westinghouse College Prep.
A similar event in the suburbs, titled “Keep Your Home” was held last spring; organizers are trying to arrange for at least one more event this year.
Homeowners seeking assistance should bring their current income and mortgage information so volunteer advisors can accurately evaluate their situation and help them fill out an application for a loan modification that day, if they qualify.
The event is sponsored by the City of Chicago, Neighborhood Housing Services of Chicago and Attorneys Title Guaranty Fund, Inc. For more information, including how to register and what documents to bring, click on the links provided for each.
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