The city cannot raise property taxes anymore and thus there is no more money for the schools. The city is losing tons of revenue from foreclosures. 2 months ago the state averaged 26,000 new foreclosures per month. A disproportionate amount of them were in Chicago. Housing drives so many other things. That is why the government bailed out the banks and have intervened in the housing market so much. It still isn't working. I know a man who makes a very good living and owns a beautiful condo. His mortgage broker contacted him and secured a HARP loan. A HARP loan is one of the programs brokered by attorneys generals and banks.
He never missed payment. He has no financial hardship. He was unaware of the intent of this. Not that he would not or should not accept the refinance. The point is the system is not working at all. I do not qualify for HARP. HARP is for people who did not miss a payment but have some hardship. Well it is supposed to be for that. If I could get HARP, I could continue to pay my mortgage and keep myself invested in my home. The home I continue to maintain, and raise my children, and love.
Instead, I sit waiting for the foreclosure process to swallow my home. Remember though its a long process. Most recently the bank decided to continue my case. It is on the court docket for August 2013. I plan on asking for another continuance at that time. Something can and may happen between now and then but I don't need to hold my breath. I intend to connect this to other threads etc. Right now the Strike is at the forefront. Don't worry, foreclosure will come back. Its not going away soon!
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