If you are having trouble paying your mortgage, help may be just around the corner.
Many homeowners who got adjustable rate mortgages during the last few years are now facing higher interest rates that translate to bigger monthly payments.
Foreclosures during September were 100 percent higher than the same period during 2006 nationwide.
If you are one of millions of homeowners who are having trouble making ends meet, a number of organizations around Chicago can help you understand the maze of applications and offer advice on how to keep your home.
According to a recent article in the Trib, 65 percent of homeowners who sought help from one organization were able to keep their homes out of foreclosure.
These organizations can’t offer legal advice or help with payments, but they do offer many essential services to homeowners in Chicago.
Neighborhood organizations offer practical advice and help when it comes time to negotiate with lenders. Many lenders prefer to work out an agreement that is beneficial to both sides than foreclose on a home. These organizations can help you plan the right proposal to present to your lender.
A list of neighborhood associations that offer assistance to owners of Chicago Homes can be found by calling the U.S. Department of Housing and Urban Development, at 800-569-4287.
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