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Underwater mortgages

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Quick Hit
by Ellyn Fortino
2:47pm
Fri Jul 11, 2014

FHFA: 36,000 Underwater Chicago-Area Homeowners Eligible For Refinance Program (VIDEO)

Thousands of Chicago-area residents are eligible for, but have not taken advantage of, the federal Home Affordable Refinance Program, or HARP, which provides refinance opportunities for certain underwater homeowners.

Nearly 36,000 borrowers in the Chicago metro area are eligible to save between $2,000 to $3,000 annually by refinancing their mortgages as part of the program, according to the Federal Housing Finance Agency (FHFA), which oversees Fannie Mae and Freddie Mac.

PI Original
by Ashlee Rezin
11:22am
Wed Aug 21, 2013

Protesters Call On Fannie Mae, Bank Of America To Change Lending, Foreclosure Policies (VIDEO)

Protesters took to a downtown Bank of America branch and Fannie Mae’s corporate offices in Chicago Tuesday to urge one of the nation’s largest home mortgage servicers and the largest home mortgage investor to change their lending and foreclosure policies. Progress Illinois was there for the action. 

Quick Hit
by Ashlee Rezin
3:17pm
Tue Aug 13, 2013

Family On The Brink Of Losing Their Home Asks For Mercy, Loan Modification: 'We're In Big Trouble' (VIDEO)

A family on the verge of homelessness due to foreclosure asked a Cook County Circuit judge on Tuesday if he would turn down TCF National Bank’s Motion for Order of Possession for their house.

Domynika Pawelczak-Gutierrez, 36, who has lived with her family in Chicago’s Garfield Ridge neighborhood on the 5300 block of South Major Avenue for eight years, said the bank feels entitled to do business as usual, when the conditions under which she is losing her home are “anything but usual.”

The same week her husband lost his job in 2009, her teenage daughter, Hilary, underwent spinal fusion surgery, which forced her to be bedridden and required home care for roughly two months. Pawelczak-Gutierrez said the family was forced to rely on her income as a server to live and pay for Hilary’s medical expenses.

“We’ve been through a lot — I started using credit cards and getting myself more and more in debt. But we’re just starting to start over,” said Pawelczak-Gutierrez, who added that she filed for bankruptcy earlier this year. “I’m running out of options, I don’t know where we’ll go or what we’ll do if we lose the house.”

Quick Hit
by Ellyn Fortino
1:27pm
Thu Jun 27, 2013

Housing Costs Severely Burden Millions Of Americans, Reaches A Record High

The U.S. housing recovery is gaining traction due in part to an increase in multi-family housing construction and rising home prices, according to the annual State of the Nation’s Housing report released Wednesday by the Joint Center for Housing Studies of Harvard University.

Despite areas of improvement, the report found that millions of American homeowners are still late on mortgage payments or owe more than what their homes are actually worth, and low-income households face continued challenges finding affordable housing.

The number of Americans shouldering severe housing cost burdens has also set a new record, according to the report.

Quick Hit
by Ellyn Fortino
1:17pm
Fri May 17, 2013

Report: Chicago Homeowners Lost $3.1 Billion In Wealth Last Year, Communities Of Color Hit The Hardest

The city of Chicago lost more than $3.1 billion in wealth, or about $2,900 per household, in 2012 as a result of the foreclosure crisis, according to a new report from the Alliance for a Just Society.

And more than $192 billion in homeowner wealth was lost nationally last year, the new analysis shows.

Communities of color in Chicago saw more foreclosures and lost wealth per household compared to other communities.

In 2012, the average Chicago household in zip codes with the highest concentration of people of color lost $3,700 in wealth, the “Wasted Wealth” (PDF) report found.

In comparison, the average wealth lost in segregated white communities was about $1,300 per household.

“Seeing this loss of wealth per household is profound," said the Rev. Marilyn Pagán-Banks, president of IIRON, which also worked on the release of the report. "People of color in Chicago, whose majority equity holdings remain in real estate, have been particularly affected by the crisis.” 

Quick Hit
by Matthew Blake
2:45pm
Thu Aug 16, 2012

Foreclosures Surge In Several South Side Communities

Foreclosure filings increased by exactly one percent in the city of Chicago between the first six months of 2011 and first half of 2012, according to data compiled by the Woodstock Institute. But the jump in foreclosures was more dramatic in a handful of struggling, mostly black neighborhoods on the South Side.

Filings in West Pullman were up 58.7 percent from 155 to 246 in the first half of this year compared to 2011. The number of foreclosures jumped in Englewood 24.1 percent from 141 to 175 and climbed in Calumet Heights 54 percent from 50 to 77.

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