Examining Foreclosures

Foreclosures Devastate Illinois Families and Communities

§         In 2010, a record 151,000 foreclosures were filed in Illinois, the fourth highest total nationwide.

§         Our state’s foreclosure rate last year was one in every 35 homes, the ninth highest rate in the country.

§         Foreclosures devastate families—they uproot households, destroy credit scores, cause children to struggle in school, and more.

§         Foreclosures also devastate neighborhoods—vacant and abandoned properties depress home values, weaken the tax base, and breed crime and arson.

§         Municipalities are left to bear the burden of securing and maintaining vacant and abandoned properties, costs that can exceed $30,000 for each property.

§         Foreclosures are viral—as property values spiral downward, more homeowners will face foreclosure—creating more devastation for families and neighborhoods, more costs for local governments, and more problems for financial institutions.

In our community, what is the manifestation of the foreclosure crisis?

What policies should be implemented to protect more people?

How can we hold banks/mortgage lenders accountable in light of larger financial problems?

 

If you would like to share your story about how foreclosures are affecting you or your neighbors...

If you would like to learn more about the systemic problem, how the foreclosure process works...

And ultimately, if you would like to get involved in working towards creating a local solution and/or advocating for municipal, state, and federal policies...

 

...Contact Bharathi Gunesekaran at 773 549 1947 X391 or bgunesekaran@lakeviewaction.org

 

 

Is your building in foreclosure? Click here to track it online.

Tenants Q and A about rights and responsibilities [see attached Tenant Q A]

 

Lawyers Committee for Better Housing  (312) 784-3527 http://lcbh.org/

Metropolitan Tenants Organization (773) 292-4988. http://www.tenants-rights.org/

Tenants, learn about your rights and receive pro-se legal advice.  

Circuit Court of Cook County Mortgage Foreclosure Mediation Program. Homeowners, as soon as you receive a foreclosure summons, go to this program to make the bank work with you to refinance your loan – BEFORE you face the foreclosure court process!  [http://cookcountyforeclosurehelp.org/]