Residents Get Help to Avoid Foreclosed Homes Foreclosure
May 18th, 2009 by 
Joseph Smith
Chicago, Illinois-based troubled borrowers who want information on how to avoid foreclosed homes foreclosure may have another venue to go. Citibank and Westside Ministers Coalition have collaborated to provide an information service to help distressed homeowners make an informed decision on how to save their properties from foreclosure.
Citibank and Westside Ministers will hold an outreach day for troubled borrowers seeking foreclosure prevention information. Borrowers will have a chance to work with Citibank to modify their mortgage loans.
The event, which was originally intended for Citibank mortgage borrowers, will be opened to anyone at risk of foreclosure. This is to help reduce the number of foreclosed homes foreclosure in Illinois.
Otis Monroe of Monroe Foundation explained that the event aims to help stabilize neighborhoods and communities by identifying at-risk homeowners and protect them from foreclosure scams and predatory lenders.
He insisted that distressed homeowners need help and they should be informed of legitimate foreclosure prevention options that are available for them. He also pointed out that the event will focus on the need to create a housing resource center in the area.
He believed that there is a great need for a housing resource center that is staffed with Housing and Urban Development (HUD)-certified counselors who are dedicated to handle community development, housing and preservation needs.
The foundation, together with the Nobel Neighbors and the Spanish Coalition for Housing are facilitators for the program.
Meanwhile, Citibank’s Vice President of public affairs Mark Rodgers said that the outreach event is part of the financial institution’s national foreclosure prevention program. He explained that Citibank wants to help troubled homeowners avoid foreclosure and remain in their homes. He said that it does not bode well on the bank if it foreclosed on properties because the process is too expensive.
Citibank also has other programs that aim to help delinquent homeowners make their accounts current, including an unemployment assistance program which allows jobless homeowners to have their mortgage loans lower to as much as $500 a month for three months.
Meanwhile, Westside Minister Chairman Reverend Lewis Flowers praised Citibank for being proactive in its foreclosure prevention effort and for partnering with local organizations to identify homeowners who are at-risk of foreclosure.
He said that moratoriums may have served their purpose but they do not stop foreclosed homes foreclosure.
