Chicago, Save Your Home!

Chicago Woman Saves Home Thanks to the Urban League

As a result of the Chicago Urban League's foreclosure prevention program, Ms. Linda B.’s home has been saved and her mortgage payment has been reduced by $800.00 a month.

Linda is a single 81 year old African-American  retired female who resides in a far south suburb of Chicago.  She initially came to the CUL years ago for mortgage delinquency/foreclosure prevention counseling, with a mortgage payment of $1,349, interest rate of 7% and 4 months past due.  However, due to multiple factors she chose not to pursue a modification at the time. These factors included her  daughter’s lack of interest in the property, bankruptcy, needing to transfer the mortgage and obtainment of a quit claim deed.

Recently, she returned to CUL and their housing counselor requested mortgage assistance to the loan servicer, Ocwen. After 4 months of review, Linda B. was approved for a one month trial modification period with a modified payment of $544.61, and the modification became permanent the following month with a  6.5 % fixed interest rate,  $169,014.25 less principal bringing the new unpaid principal balance to $36,100.

If you or anyone you know needs help saving their home, contact our local Urban League near you!