Foreclosures rates are at the highest point since 2006 according to a recent study by the Woodstock Institute.  Over 70,000 foreclosures were filed in the City of Chicago in 2009, which is up 21% since 2008.

Lakeside works to provide help to those facing foreclosure in some the areas hit hardest by the foreclosure crisis, Lincoln Park, Uptown and East Side.  Lincoln Park saw an increase in foreclosures of 103% while Uptown and East Side foreclosures grew almost 75% since 2008.

Lakeside’s provides free housing counseling to those who are struggling to make their mortgage payments or concerned about losing their homes to foreclosure.  These individual or group sessions are designed to identify the causes of the mortgage delinquency and develop an action plan to avoid foreclosure. Lakeside’s counsellors can identify sources of financial assistance and help homeowners access different private and government programs.

The foreclosure crisis is not limited to just single family homes.  Between 2008 and 2009 foreclosure on condo units in Chicago have risen almost 40%.  Foreclosure units now make up 24% of all foreclosure filed in the city.

For many homebuyers purchasing a condominium is the right choice for them, but in this time of economic hardship many are facing foreclosures.  For this reason, Lakeside provides comprehensive post-purchase housing counselling and education. Services are intended to boost the capacity of program participants to create strong communities, to operate effectively and efficiently and to help owners avoid foreclosures.

For more information on how Lakeside can assist you avoid foreclosure please contact Maritza Estrada at (773) 381-5253.