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Mayor Announces Plan to Confront Foreclosure Epidemic

In Chicago, Illinois, the city's new mayor surprised everyone by unveiling a $50 million plan that is meant to address the current foreclosure epidemic.

According to reports, the plan will be available to nine neighborhoods in Chicago, primarily those within the inner city, that have seen foreclosures rise dramatically over the past few years. In 2010 alone, foreclosures rose by 20 percent and show no sign of stopping.

Unlike other cities who have taken a house-by-house approach to reducing foreclosure rates, the city's mayor decided to address entire subsections that have shown high rates of foreclosure. Not only have these areas shown high foreclosure rates, but most home owners facing foreclosure in these sections say they want to fight to keep their homes. They are joined by developers and neighborhood development corporations who have already contributed significant funds to rejuvenating these neighborhoods.

The plan announced by the mayor will use $20 million worth of loans from a local foundation. Area banks will also contribute to that figure, creating $50 million in funds to stave off future foreclosures in selected areas.

If you are in danger of losing your home and would like to fight foreclosure, contact a Chicago foreclosure attorney from our law office now so we can take pro-active steps to help you remain in possession of your residence.
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