A marked increase in foreclosures around the city highlights the continuing difficulties in the mortgage market in Chicago and around Illinois.
During the first half of 2007, a total of 6,329 foreclosures were filed in the city, up from 4,695 during the same period last year. State and city officials are working to put together programs to help homeowners in distress.
Many homeowners bought their property with an adjustable mortgage, and have been unable to handle rising mortgage payments.
The Borrower Outreach Day is an event organized by the city for those most in risk of losing their home. Organizers will teach participants about different types of financing and offer counseling for those behind on payments.
Participants will also have access to free legal assistance at the event, scheduled for this Saturday, December 1 from 9am to 2pm at the Humboldt Park Field House.
A sharp decrease in sales around the city has also led to many foreclosures. Homeowners who are unable to pay higher mortgage payments are often unable to pay off their debts by selling their homes. Prices for Chicago Homes have come down in the last few months.
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