127,532 New Listings - Last update: November, 08 2009 - 08:11 AM EST
A resident of Pilsen, Yuriel Rodriguez is determined to save his house that consists of a two-flat building. He does not want it to become just another foreclosure casualty. But with each passing day things are becoming difficult as mortgage rates rise. Rodriguez attended a seminar held at Malcolm X College last weekend. He met a counselor representing Spanish Coalition for Housing. About four years ago he had bought the house and was very proud of it. But with interests having gone up above 11% he cannot keep up with it and has started to lag. The counselor, Lucy Triolo, guided me to consultants in his loaning firm, EMC mortgage and thrashed out matters about granting extension till he got a job. Unfortunately there are so many like Rodgrguez that the situation is bewildering – to say the least. The desperate people do not know where to look for help – help that works. There were many other worried family members like him at Home Outreach Day desperately trying to find a medicine for foreclosure ailments. Since November more and more seminars are being staged as the officials are trying to address the hydra headed problem.
Chicago Foreclosures figures have shot up by 28%, according to figures released by the government. Illinois is one of the worst affected zones in the state.
DeSheney Forney, executive director of Illinois Housing Development Authority is one of the state officials who attended the seminar on Saturday. She commented that Chicago and its suburbs have been badly hit by foreclosures. Forney further added that the government is keen that sufferers should come forward to seek help of their own accord. They must realize that it is a problem and not shelve the issue for another day. Time is an important factor in tackling it. The lender should be contacted without delay. She was critical of lenders who coaxed people into taking loans they could not afford in the long run.
Lenders too were present in the seminar. They too did not want people to lose their houses. A representative of Pinnacle Home Mortgage, Matthew Mack requested harried owners to come forward to refinance loans and modify them so that these could be repaid easily. Lenders wanted to avoid foreclosures as much as borrowers as they were not landlords. They did not want nor know the business of owning houses.
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One Response
It’s good to see that homeowners, government, education facilities, and the banks themselves can come together to discuss solutions and provide advice to homeowners. Hopefully, more financial advice before signing for a mortgage will be provided to home buyers in the future, but it’s the nature of the market to respond to risk, rather than attempt to limit it before it happens.