Governor Blagojevich Visits an Englewood Resident to Speak on Foreclosure Prevention
Dean Martinez (L), Secretary of Illinois Department of Financial and Professional Regulations, Governor Rod Blagojevich, State Senator Jacqueline Collins (R), and Carole Grant Hill (Top), Neighborhood Manager of Neighborhood Housing Services of West Englewood listen to Ms. Ada Brown's testimony at her successes with NHS and foreclosure prevention.
Ernest Sanders
Governor Rod Blagojevich visited an Englewood resident, Ms. Ada Brown, along with other civic and community leaders to speak about the State of Illinois’ renewed efforts to introduce a foreclosure moratorium for up to three months for homeowners entering into mortgage counseling.
DeShana Forney, Executive Director of Illinois Housing Department Authority, speaks of her department's commitment to state legislation to introduce a foreclosure moratorium. Listening is Howard Ackerman (L), Senior Vice President of Mortgage Lending with Fifth Third Bank, State Senator Jacqueline Collins, and Ms. Ada Brown (R), an Englewood resident.
Ernest Sanders
Those in attendance at this press conference included: State Senator Jacqueline Collins (D-16), Dean Martinez, Secretary of Illinois Department of Financial and Professional Regulations, DeShana Forney, Executive Director of Illinois Housing Department Authority, Howard Ackerman, Senior Vice President of Mortgage Lending with Fifth Third Bank, Carlos Nelson, Executive Director of the Greater Auburn-Gresham Development Corporation (GADC), David McDowell, Senior Organizer of Southwest Organizing Project, a pastor from Englewood church, and Carole Grant Hill Neighborhood Manager for Neighborhood Housing Services (NHS) of West Englewood.
Governor Blagojevich’s announcement was a sigh of relief for on-lookers and those agencies genuinely interested in ending this national crisis. The premise of this legislation requires that mortgage lenders inform homeowners of their delinquent status and provide them a 45-day timeframe to receive the appropriate counseling necessary to become current on their mortgage payments. When a homeowner receives this counseling, he/she has an additional 45 days to work out another payment plan if necessary.
State Senator Jacqueline Collins speaks about the legislation she is co-sponsoring with State Representative Julie Hamos. Listening is Dean Martinez (R), Secretary of Illinois Department of Financial and Professional Regulations, Howard Ackerman, Senior Vice President of Mortgage Lending for Fifth Third Bank, and DeShana Forney (R), Executive Director of Illinois Housing Department Authority.
Ernest Sanders
Fifth Third Bank’s Howard Ackerman, Senior Vice President of Mortgage Lending, acknowledged the State’s efforts and said their bank was please to join in this initiative.
Ms. Brown’s story is no different from others across the country. She is a senior citizen on a fixed income that decided to take out a home equity line of credit (HELOC) to make necessary improvements to home. Unknowingly, Ms. Brown fell prey to an Adjustable Rate Mortgage (ARM) which later soared and caused her to fall behind in her mortgage payments.
Ms. Brown recognized that she was in a position to lose her home and contacted NHS of West Englewood. There she worked with Neighborhood Manager, Carole Grant Hill and Sandra Well (NHS Counselor) to find a mortgage product suitable to her immediate needs.
In the end, Ms. Brown's apt decision to work with NHS yielded her a savings of hundreds of dollars monthly and peace of mind that she would not have to relocate from the home she has spent nearly 40 years residing.
Carole Grant Hill Neighborhood Manager for Neighborhood Housing Services (NHS) of West Englewood speaks to a crowd of residents and reporters about NHS products and Ms. Brown's successful efforts to prevent foreclosure at her residence.
Ernest Sanders
The press conference at Miss Brown’s home comes off the heels of a citywide foreclosure prevention summit GADC hosted at SOS Children’s Village in Auburn Gresham to further discuss alignment and strategy. Local Initiatives Support Corporation of Chicago (LISC/Chicago) and the MacArthur Foundation are sponsors of these citywide summits. To view highlights and other pertinent information from these strategic sessions, click here.
Also, if you are interested in participating in a foreclosure prevention workshop sponsored by GADC and NHS, please call (773) 329-4185 for more details. Please ask about the details of receiving a FREE gift card.