Neighborhood Housing Services of Chicago reports on foreclosure prevention activities and results
Since the inception of the Home Ownership Preservation Initiative in 2003, NHS and its partners have counseled or educated over 14,000 at-risk homeowners. In the past year alone, NHS provided one-on-one counseling services to over 4,000 families, and an additional 2,800 families attended a foreclosure prevention class.
These education and counseling strategies continue to deliver real results to homeowners in need. Over the past year, NHS assisted 1,010 families avoid foreclosure in Chicago and surrounding communities, representing a 109% increase from the previous year. About 76% of these saves were achieved through one-on-one counseling.
This report finds that loan modifications are a key tool to prevent foreclosure, highlights changing demographics of homeowners trying to prevent foreclosure, and notes that more and more homeowners seeking help from counselors are already in foreclosure.
Read the report