• $196K In HUD Funds To Be Used For Foreclosure Prevention Counseling

    The U.S. Department of Housing and Urban Development announced more than $10 million in housing counseling grants in “an effort to help families keep their homes and avoid mortgage scams” on September 2, 2011. Nine Chicago-area housing counseling agencies will share more than $196,000 to be used specifically for assistance related to foreclosure prevention counseling, mortgage modifications and mortgage loan scams, according to the Chicago Tribune.

    The disbursements are unspent funds from the 2010 appropriation and awarded to HUD-approved housing counseling agencies. “It is crucial that we support these agencies in helping struggling families do whatever is possible to avoid foreclosure without being victimized by so called mortgage ‘rescue’ companies,” HUD Secretary Shaun Donovan said in the press release.

    The Tribune reported that the local agencies receiving funding were Latin United Community Housing Association, Rogers Park Community Development Corp., S&S Development Group, South Suburban Housing Center, Will County Center for Community Concerns, Parkers in Charity, Inc., DuPage Homeownership Center, Inc., and Interfaith Housing Center of the Northern Suburbs. Funding for the agencies ranged from more than $19,000 to almost $27,000, according to the Tribune.

    The money being channeled toward foreclosure help may not be enough for many people currently struggling through hard times. One way to eliminate bills and stop foreclosure is to file for bankruptcy . Our Chicago bankruptcy lawyers can help answer all your questions about a Chapter 13 or Chapter 7 process and reach a debt settlement that will end creditor harassment. Whether you have heard of a bankruptcy means test or not, you can contact our firm for a free initial consultation that can answer all of your questions and help you get deserved relief today.

    Benjamin Brand Services – Chicago bankruptcy attorneys

  • Chicago Home Prices Rise For Month

    Chicago led the way of eight cities posting month-to-month gains in a June report from the Case-Schiller Home Price index. While Zacks.com reported on August 30, 2011, that Chicago rose 1.32 percent for the month-to-month, it was also one of five hardest-hit metropolitan areas in year-over-year declines with those numbers down 7.49 percent.

    The Chicago Tribune reported on August 30, 2011, that a majority of the monthly improvement in the Chicago area came from the 6.5 percent price increase between May and June in homes that sold for less than $162,138. Homes sold for more than $275,128 rose 2.9 percent, while houses sold for between $162,138 and $275,128 appreciated 1.8 percent.

    The Tribune also noted that the condominium market in the Chicago area saw improved sales prices for the fourth straight month, with values increasing 4.3 percent from May to June. Zacks.com added that while the Case-Schiller data is the “gold standard for housing pricing information,” it is better to look at the seasonally adjusted numbers for three-month moving average. The most recent report, for example, includes data from April and March.

    If you are still facing foreclosure in your own housing situation and have been considering a short sale or bankruptcy as options, contact our Chicago bankruptcy information law firm today for a free initial consultation.

    Benjamin Brand Services – Chicago bankruptcy attorneys

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