Are you facing forecolsure?

June 4, 10:36 AMChicago Latino Community ExaminerSonia Gandara

Previous Next

Comment Print Email RSS Subscribe

Subscribe

Get alerts when there is a new article from the Chicago Latino Community Examiner. Read Examiner.com's terms of use.

Email Address   Include other special offers from Examiner.com Terms of Use

  Don't let foreclosure happen to you.

Struggling to pay your mortgage? There is a free event that can help you figure things out. I repeat, FREE.

This Saturday, the City of Chicago and Neighborhood Housing Services of Chicago (NHS), along with Attorneys’ Title Guaranty Fund. Inc, State Farm and the MacArthur Foundation, will hold their second “Fix Your Mortgage” event at Chicago State University from 9 a.m. to noon.

This free event is designed to help Chicagoans figure out if they are eligible for help under the federal government’s new foreclosure assistance plan.

If you are eligible, you are able to complete the application on-site!

“There are a lot of families out there who are facing financial crisis and could really be helped by President Obama’s Plan. We want to make this process as easy as possible so we can help them keep their homes,” said Mike van Zalingen, Director of Homeowner Services for the NHS Chicago.

 The Obama Homeowner Affordability and Stability Plan, known as “Making Home Affordable,” was announced earlier this year and any financial institution/lender that received federal bailout money is required to participate.

Thank you, they should be!

Anyways, the program has two primary parts: a $75 billion Loan Modification Program that could help as many as four million homeowners lower their current mortgage payments; and $200 billion for refinancing current Fannie Mae and Freddie Mac loans. The “Fix Your Mortgage” event will focus only on trying to help people get modifications.

It is estimated that 55% of Chicago homeowners who are facing foreclosure may be eligible for the federal program.

If a homeowner is eligible for federal support, he or she must deal directly with the lender.

The “Fix Your Mortgage” event offers free assistance and counseling to homeowners. At the event, HUD-certified counselors and real estate attorneys will review, FOR FREE, homeowners’ paperwork and determine if the borrower qualifies for assistance under the Obama plan. If so, information will be sent directly to the loan servicer from the event.

Find out if you're eligible for help! I got word that there will be Spanish speakers at the event.

Homeowners should bring the following to the event:

· All borrowers on the loan

· Most recent tax return

· Pay stubs (2 most recent)

· Proof of alimony or child support, such as copy of judgment

· Proof of Social Security, such as an award letter

· Proof of other income

· Most recent mortgage statements

· Bank statements (last 2 months)

· Statements on other debts such as credit cards, auto loans, student loans, and child support, alimony, property taxes, condo fees, etc.

Pre-registration is encouraged but not required. Call NHS of Chicago at 773.329.4185 (English) or 773.329.4181 (Spanish).

"Fix Your Mortgage"
Where:
Chicago State University,
9501 South King Drive,
Chicago, 60628

When:
June 6th, 2009
9 a.m. to noon.
 

Parking is free.