Saturday, December 15, 2007

Aldermen want residents to speak up about foreclosures

From the Chicago Defender. I want to point out in posting this the Sixth Ward angle. A quote from the alderman Freddrenna Lyle...
The 6th Ward alderman, Freddrenna Lyle said very few residents in her "equity rich" community speak up. The ward is made up several communities on the South Side where seniors comprise a good portion of the ward, she said.

"Many seniors in my ward have substantial equity in their homes, because they are sitting on homes that are either paid for, or very close to it. I've had a mortgage counselor tell me to watch out because the predatory lenders are watching my ward because it's equity rich," Lyle said. The 6th Ward had 251 foreclosures during the first six months of the year.

When Lyle's ward meetings and seminars are held, the people who usually attend aren't the one's who are having the problems. Very few residents approach the alderman about obtaining information for themselves or a neighbor.

"I beg people every month to come forward with their housing troubles. If you know you're neighbors are behind, urge them to call immediately," Lyle added, "Not the day before the Sheriff comes to put them out."

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