"The increase in foreclosures is taking a toll on hardworking
families, neighborhoods and local economies throughout the state,"
Blagojevich said. "This statewide outreach effort will help families
by providing them the information and counseling necessary to
protect their properties and keep the American dream of
IHDA and IDFPR are co-sponsoring outreach events
across the state in November and December, with more tentatively
scheduled for early 2008. For more information about Illinois'
Borrower Outreach Days, visit www.illinois.gov.
Each event will
consist of four 30-minute workshops that will repeat throughout the
day. The workshops will cover the alternatives to foreclosure and
how the mortgage lending system works; the foreclosure process and
court procedure; what to expect in the workout process, including
how a loan is analyzed and what is a realistic outcome; and what
homeowners should be careful about, including a closer look at
so-called rescue schemes and some of the drawbacks of refinancing.
The state will also offer homeowners one-on-one counseling with
lenders and loan servicers, and additional materials and advice from
credit counselors and attorneys.
Homeowner Outreach Days last week were at Parkland College in
Champaign and West Side Technical Institute in Chicago. Others are
scheduled as follows:
Nov. 29, 3-7 p.m.
Rock Valley College
3301 North Mulford Road
Chicago, South Side
Dec. 4, 3-7 p.m.
6301 South Halsted
Chicago, North Side
Dec. 8, 9 a.m.-2 p.m.
4300 N. Narragansett
Chicago, IL 60634
East St. Louis
Dec. 15, 9 a.m.-2 p.m.
Jackie Joyner-Kersey Youth Center
101 Jackie Joyner-Kersey Circle
East St. Louis, IL 62204
[to top of second column]
"Through this series of statewide Homeowner Outreach Days,
Governor Blagojevich is leading the way in helping people avoid
losing their homes through foreclosure," said Forney, of the IHDA.
"The Outreach Days have been organized to target areas in Illinois
where there is a known high foreclosure rate. Our strategy is to go
directly into the communities and get help to the homeowners that
need it the most."
"The problems facing homeowners are not unique to our state,"
said Martinez, of the IDFPR. "However, the solutions that will help
Illinois families stay in their homes must include better education
about the mortgage process and the options available to families in
financial trouble. These workshops should improve the odds that
families in our state can stay in their homes."
Several lenders and banks will participate in the outreach days,
including Citi, Elite Mortgage Solutions Team, Fifth Third Bank,
Harris Bank and Wells Fargo Financial.
The current foreclosure crisis is expected to continue through
the next two years as many of the loans originated in recent years
put homeowners in unaffordable positions; as adjustable rate
mortgage products continue to reset; and as the consequences of
loans made with little or no supporting documentation become
According to RealtyTrac, the online marketplace for foreclosure
properties, in the first nine months of 2007, statewide foreclosure
filings reached 63,006, an increase of 16 percent from 2006. Of that
total, Chicago had approximately 51,132 foreclosure filings, an
increase of 18 percent from 2006. RealtyTrac ranks Illinois among
one of 10 states with the highest number of foreclosure filings.
Other high foreclosure filing states are Nevada, California,
Florida, Georgia, Arizona, Colorado, Ohio, Michigan, Texas and
[Text from file received from
Illinois Office of
Communication and Information]