Wednesday, June 3, 2009

Avoid Foreclosure With "Borrower Outreach Days"

(click for a larger, more legible version)

Chicago Events Aimed to Help You Avoid Foreclosure: If you live in the Chicago area and worry you're in danger of losing your home, there's a series of local events coming up you should check out. The city is holding "Borrower Outreach Days" through the rest of the year. These ongoing events help current homeowners navigate the Obama Homeowner Affordability and Stability Plan. It's only open to borrowers who live in their homes, not to people with second or third homes. Read more about it here.

The schedule announced for the regular Borrower Outreach Days through the December is:

  • Friday, June 26, 2009, 3-8pm
    Truman College, 1145 W. Wilson Avenue

  • Wednesday, August 5, 2009, 3-8pm
    South Shore Cultural Center, 7059 S. Shore Drive

  • Friday, October 9, 2009, 3-8pm
    Daley College, 7500 S. Pulaski Road

  • Saturday, December 5, 2009, 9am – 2pm
    Fosco Park, 1312 S. Racine


  1. The Obahma homeowner affordability and stability plan to me is some-what no help to many. If your out of a job and have no income the plan won`t do much for you. Fannie or freddie won`t make payments for you. I guess it could help someone that is working and cannot afford the high payments they presently have. The key words are, be current on your mortage payments, must have a stable income sufficient to support all new mortgage payments. In the old days it was the owners responsibility to buy and pay for things they got. Not to buy beyond their means and worry later how to pay for them and wanting the governemnt and tax payers to flip the bills....

  2. I hope at the end of their "seminar" they advise people about "jingle mail" while their brains spins because the $400,000 ARM mortgage balanced condo can't sell for $75,000. The rest of the country seems to have caught on but Chicago (Midwest fly-over city) still seems to think that it's Hollywood because something happened on Argyle street circa. 1920.

    I'm sure there will be a bankruptcy attorney there that specializes in Chapter 13 or a mortgage "wizard" that will turn your 30-year conventional (now unemployed) loan into an "ARM" because his Pastor is an appraisor that knows the area has been "up and coming" for the last 10 yrs. but knows it came and went 50 yrs. ago.