Foreclosure Crisis Hitting Chicago Hard

In Illinois, WBBM-TV, - CBS 2 in Chicago reports on the local foreclosure crisis (over 7000 Chicago area homeowners defaulting on loans in April alone), and the effects it is having entire communities, whether it be the local government or surrounding homeowners. Reported is the story of one area homeowner whose adjustable rate mortgage will jump from 7% to 13% in one year, and who is now receiving assistance from Neighborhood Housing Services of Chicago in restructuring her loan.

Neighborhood Housing Services of Chicago is a charter member of the NeighborWorks® America network. Reportedly, their counselors now spend almost half their time on foreclosures.

Go here and then click "Play" to watch the CBS2 report.

To read the online report, see Forced Out: Foreclosures Hitting More Homeowners.
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