Cook County Foreclosure Court Mediation Scores $3M In Funding; Mortgage Workout Effort Based On Philadelphia Pilot Program

In Chicago, Illinois, Northwestern University's Medill Reports report:

• The Cook County Board passed a $3 million budget amendment Thursday to fund a foreclosure prevention program. The program calls for court mediation in the presence of a judge between borrowers and lenders negotiating to modify housing loans. The measure also would help fund free legal and housing counseling as well as door-to-door outreach.

• The court mediation program is based on a pilot program in Philadelphia that has been lauded by community organizations nationwide. Action Now, Brighton Park Neighborhood Council and other organizations have been lobbying for a similar Chicago program since last year. “It’s a huge victory and a step in the right direction that our members have worked so hard for,” said Aileen Kelleher, Action Now spokesman. [...] Funding for the amendment will come from a recent real estate sale to the Forest Preserve Department and a shift of funds from another County project.

Source: Passage of $3 million foreclosure prevention program hailed as a 'huge victory'.