The Underwhelming Results of Foreclosure Outreach

The video above features then-Chicago Mayor Richard M. Daley discussing outreach and legislative initiatives aimed at providing foreclosure assistance to thousands of struggling residents in the city. On July 12, 2012, the Chicago Tribune reported that two reports out of Washington, DC, indicated that national foreclosure outreach programs were only helping a few of the many homeowners in need.

The Government Accountability Office (GAO) "specifically looked at the outreach to borrowers who were eligible for a free, independent review of their 2009 or 2010 foreclosure actions to see if they suffered financial hardship and were due remediation," the Tribune reported. While 95 percent of the 4.3 million letters mailed directly to borrowers nationally were successfully delivered, only 5.3 percent had responded as of June.

Reuters reported that New York City Department of Education family liaison worker Keturah Miller was one of the millions receiving a letter, but said it "still made no sense to her" despite her having read it over four times. "I can read the words, but the meaning of what they’re saying? That’s the confusing part for me," Miller told Reuters.

According to the Tribune, another report by the Office of the Comptroller of the Currency found that as of May 31, only 7,607 of the 197,836 borrowers who received letters in Illinois had requested a review of their case. That translates to a response rate of 3.8 percent.

On Friday, we will discuss the latest proposal in Chicago regarding foreclosure help, but you should know that there are options available right now that can help you and your family delay or even avoid foreclosure. Our firm can help you better understand the benefits of filing Chapter 7 or Chapter 13 bankruptcy when you contact us at (866) 930-7482.

Benjamin Brand Services - Chicago bankruptcy lawyer

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