Chicago residents facing foreclosure or mounting delinquent mortgage payments will now have a source of support to turn to, or at least that's the idea as government mortgage giant Freddie Mac partners with the Chicago Urban League to launch the Take Root homeownership education and foreclosure prevention program in the city, the Trib reports. The program, which started in Milwaukee in 2010, aims to provide homeowners and homebuyers community resources from various partner agencies that could curb foreclosure and encourage homeownership.
While the Chicago market has been showing signs of recovery, the article cites stats like the 82,000 Illinois Fannie and Freddie-backed mortgages that were delinquent as of the end of March or the 16,903 Illinois homes Fannie and Freddie had repossessed through foreclosure by the same date, which would confirm article sources' assertions that low and moderate-income households are not recovering at an acceptable rate. "There is no movement for us until the upper-class communities get better, says Margaret Wooten, senior director of Housing at the Chicago Urban League. "Then, and only then, will ours come up, and it will be a slow process for us." Here's hoping this helps.
·Take Root program addresses foreclosure prevention [Trib]
·Take Root Chicago [official]
·Foreclosure Watch [Curbed Chicago]