August 21, 2010

City to Hold Three More Free Foreclosure Prevention Fairs

Final events for 2010 will provide borrowers direct help from a trusted source

Molly Sullivan    312.744.2976

The City of Chicago today announced three upcoming foreclosure prevention fairs to help residents who are in danger of losing their homes.

The successful foreclosure prevention fairs, known as Borrower Outreach Days, are a continuation of the City’s efforts to offer information and resources about foreclosure prevention and present residents with options to modify their loans and keep their homes.

“We want to continue to get accurate and helpful information to homeowners who are facing foreclosure,” First Deputy Commissioner Ellen Sahli said.  “These free events bring together lenders and housing counselors to answer questions on foreclosure prevention and to help residents struggling to pay their mortgages become aware of the options available to them.”

The City is working to hard to reach as many homeowners as possible who are feeling the effects of the current housing market and sluggish economy.  Borrower Outreach Days have provided thousands of residents the tools that they need to protect and prevent their homes form going into foreclosure.

Borrower Outreach Days offer working families who are at-risk of foreclosure a direct connection with lending institutions and HUD-certified counseling agencies to see if they can avoid foreclosure.

The free events offer participants loan work-out sessions with counselors and lenders, access to free legal assistance, various workshops and information about the City’s financial literacy programs.

Since 2007, the City has hosted 21 similar events and helped more than 4,800 homeowners obtain the information they need to keep their homes.

Borrower Outreach Days are part of the City's ongoing foreclosure prevention efforts.  Since 2003, the City has worked to combat foreclosures through the Home Ownership Preservation Initiative (HOPI).  Under HOPI, anyone having trouble paying their mortgage can find a financial counselor simply by 311, the city’s non-emergency number.  The counseling agencies in turn work with area lenders to work out payment schedules that avert foreclosure. 

Borrower Outreach Days will run through December at the following locations throughout the City.

•           Saturday, September 18, 2010, 9:30 a.m. – 2:00 p.m.

            Prosser Career Academy High School

            2148 N. Long Ave.

•           Saturday, November 13, 2010, 9:30 a.m. – 2:00 p.m.

            Wells Community Academy High School

            936 N. Ashland Ave.

•           Saturday, December 11, 2010, 9:30 a.m. – 2:00 p.m.

            Corliss High School,

            821 E. 103rd St.

Homeowners with questions about foreclosure prevention, or the programs and services available to them are encouraged to call 311 or to register for Borrower Outreach Days call the Department of Community Development at 312.744.3653

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