Chicago’s Far North Side Fix Your Mortgage Event Happens August 21; City of Chicago, Neighborhood Housing Services of Chicago and Attorneys’ Title Guaranty Fund Co-Sponsor

CHICAGO--(BUSINESS WIRE)--Neighborhood Housing Services of Chicago, Inc. (NHS), the City of Chicago and Attorneys’ Title Guaranty Fund, Inc. (ATG) are co-sponsoring a fifth, free “Fix Your Mortgage” (FYM) foreclosure-prevention event. This will be the first event on Chicago’s far North Side. The goal is to help qualified homeowners at risk of foreclosure to modify their loans, keep their homes and lower their payments.

“We strongly advise that homeowners in this area, and throughout the City of Chicago, attend and make use of the free loan modification assistance available at the final two Fix Your Mortgage events this year.”

The event will take place from 9:30 a.m. to 2 p.m., on Saturday, Aug. 21, at Northside College Prep High School, 5501 N. Kedzie Ave., Chicago, Ill. 60625. Doors will close at 12:30 p.m. or when 1,000 attendees have been registered.

The Chicago far North Side neighborhoods of Rogers Park, Edison Park and Jefferson Park had among the highest increases in foreclosures in the city in the first half of 2010, compared to 2009 – 71, 69.2 and 65 percent, respectively. (Woodstock Institute.)

“These most recent figures reinforce the strong need for foreclosure-prevention assistance in Chicago’s North Side neighborhoods,” said Ellen Sahli, first deputy commissioner, Chicago Department of Community Development. “We strongly advise that homeowners in this area, and throughout the City of Chicago, attend and make use of the free loan modification assistance available at the final two Fix Your Mortgage events this year.”

Lakeview homeowner Maryel Oliffe’s story illustrates how a loan modification via HAMP (Home Affordable Modification Program) gave someone a second chance. When Oliffe’s father became ill, she needed to work fewer hours at her job to take care of him. With less income, she became concerned about falling behind on her mortgage. She eventually lost her job and fell into debt. Although she did find a new job (homeowners must have income to obtain a modification), it paid barely above minimum wage.

Soon after, Oliffe approached her bank directly about getting a loan modification. She was granted a trial modification. However, due to miscommunication from her lender, she was denied a permanent modification. She then became five months behind on her mortgage. Next, Oliffe went to NHS, and with her housing counselor, reapplied for a loan modification. Her second attempt was successful.

“Getting this loan modification has enabled me to pay my mortgage and pay off debt,” Oliffe explains. “I’m glad that I stuck with the process and reapplied. I absolutely recommend these services to other homeowners. It obviously made a huge difference in my life.”

At the Fix Your Mortgage events, volunteer real estate attorneys, City of Chicago staff, NHS staff and other HUD-certified counselors (including those speaking Spanish and Polish) review homeowners’ paperwork to determine if they qualify for assistance under the “Homeowner Affordability and Stability Plan” – known as “Making Home Affordable.” (http://www.makinghomeaffordable.gov). If so, a loan modification application is prepared and submitted to the loan servicer THAT DAY via the Internet.

More than 398,021 families have already received permanent modifications through HAMP since the program’s inception in May 2009.

“These events have played a crucial role in providing free and much needed loan modification assistance,” stated Ed Jacob, executive director of NHS of Chicago. “We’ve helped several thousand people through these events this year.”

“ATG’s large network of volunteer real estate attorneys are here to help,” stated Peter Birnbaum, president and CEO of ATG. “We are dedicated to providing free legal assistance for Chicago’s distressed homeowners at the Fix Your Mortgage events.”

For more information or to register, call NHS at 773.329.4185 (English) or 773.329.4181 (Spanish). Pre-registration is encouraged.

Additional information can be found at the following Websites:

City of Chicago: http://www.cityofchicago.org/city/en/depts/dcd/provdrs/afford_hous/svcs/fix_your_mortgage.html

NHS: http://www.nhschicago.org/site/3C/category/fix_your_mortgage, or

ATG: http://www.atgf.com/tabid/1158/Default.aspx.

The final Fix Your Mortgage event in 2010 will be held on Saturday, Oct. 16, from 9:30 a.m. to 2 p.m., at Westinghouse College Prep, 3223 W. Franklin Blvd.

Doors will close at 12:30 p.m. or when 1,000 attendees have been registered.

Neighborhood Housing Services of Chicago, Inc.

A nonprofit organization established in 1975, Neighborhood Housing Services of Chicago, Inc. (NHS) is committed to offering Chicago residents affordable resources so that they can buy, maintain and sustain their homes. It partners with residents, block clubs, neighborhood organizations, financial institutions, the City of Chicago, insurance companies, corporations and foundations so that families can protect and preserve their single biggest investment—their homes. NHS is a charter member of the NeighborWorks^® America network. Today, there are more than 230 network organizations working to revitalize communities with affordable mortgage financing and comprehensive homebuyer counseling.

Attorneys’ Title Guaranty Fund, Inc.

Through its nearly 4,000 member attorneys across Illinois, Wisconsin and Indiana, Attorneys’ Title Guaranty has presided over more than 2.5 million home closings and provided homebuyers with competitively priced title insurance since 1964. The only bar-related title insurance company based in Illinois, ATG has built a significant market share by providing excellent service at competitive prices. It has a financial stability rating of “A Prime Unsurpassed” from the independent ratings bureau, Demotech.