CHICAGO - Foreclosure does not have to be inevitable. That was the message from U.S. Housing and Urban Development Secretary Alphonso Jackson and Chicago Mayor Richard Daley as they visited the Tuley Park Field House where the city held a workshop to support, educate, and assist homeowners in need of help keeping their homes.
The "Borrower Outreach Day" allowed homeowners to meet with lenders and housing counselors about their refinancing options, how to avoid foreclosure, and get their personal finances back in order.
HUD's Federal Housing Administration (FHA), which insures low-cost, affordable mortgages, has successfully expanded its products to help more people avoid foreclosure through refinancing their existing loans.
Through FHASecure, which refinances mortgages that are current or past due, HUD has been able to assist almost 76,000 Americans since last fall, including more than 3,400 families in Illinois.
More than 90 percent of borrowers who refinanced from the subprime market into FHA now have 30-year fixed rate loans at a much lower monthly cost.
"If Congress would complete their work on a bill to modernize the FHA, then we could reach even more people.
For two years, the President and I have urged Congress to let FHA reach more hard-working Americans.
While the The Expanding American Homeownership Act has passed both Houses of Congress, a final version still has not been sent to the President for his approval.
"There are many options; many sources of assistance.
Secretary Jackson and Treasury Secretary Henry Paulson have worked with lenders, loan servicers, mortgage counselors and investors to establish a private-sector alliance called HOPE NOW.
To encourage homeowners at risk of foreclosure to attend today's workshop, Jackson said: "Here is where you can explore the range of options available.
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Posted on February 3, 2008 9:31 PM
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