Consumer

Fair Gives Hope To Homeowners Facing Foreclosure

CHICAGO (CBS) ― Hundreds of people in Chicago are trying to fight off foreclosure and Thursday some of them got a little much-needed help.

As CBS 2's Dorothy Tucker reports, they had a rare opportunity to actually talk to their lenders, face-to-face.

The lenders filled a room at the Douglas Park Cultural and Community Center. They represented 15 different banks and mortgage companies. The homeowners had come from the city and far away suburbs to explain just why they'd fallen behind on their mortgages.

One man was willing to share his story with CBS 2, but wanted to remain anonymous.

"My daughter was murdered in 2002 and I was going to court four times a month," he said.

Since he was missing work, he got fired, and then fell behind on payments.

"Once you fall in a hole it's just hard to come out of it," he said. "It's either you feed your family or you starve to death."

He recently got a new job and is hoping the bank will allow him to refinance.

The lenders were listening Thursday, and city officials say most banks do want to help.

"They don't want to own the house," said Chicago Housing Commissioner Ellen Sahli. "Everyone does better when these houses are occupied by homeowners."

Armed with computers and phones and taking lots of notes, lenders spent time with each homeowner working out a plan, and sometimes working out a deal.

"The bank agreed to refinance Marvin Brunson's loan, reducing his 12.5 percent interest to 6 percent, and cutting his $3,700 monthly mortgage down to $1,100.

"It makes my heart rejoice. It'll make my wife happy," Brunson said. "We really love our home we want to stay in it."

Instead of facing foreclosure, Brunson and others who took advantage of Thursday's fair now face a better future.

The fair was organized by the city and the non-profit group Neighborhood Works America.

There are no more fairs scheduled in the near future, but if you're in trouble and live in the city, call 311. Counselors can help you make arrangements with your bank.

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