The recent housing crisis will impact our community in many ways. Often overlooked, our schools may be greatly affected by the thousands of foreclosures in Berwyn. Concerns include a rise in homeless children, an increase in the mobility rate, increased stress level on students and families, less funding due to lower EAV and tax revenue and likely many unanticipated consequences.
This Thursday evening at 7p.m. at City Hall (6700 26th Street), the All Berwyn Committee hosts a forum to discuss the Foreclosure Crisis. I encourage all who can to attend, but especially those who are facing foreclosure. If you know of someone, a neighbor or a friend, who might need this information, please urge them to attend. There will be a Spanish translator participating. Here is the line-up of speakers:
Ruben D. Feliciano
Housing Policy Analyst & Outreach Coordinator, Latino Policy Forum
PowerPoint presentation “An Overview of the Foreclosure Crises” with information from the Center for Responsible Lending. Terms to help you, Prime Loans, Government Insured or Guaranteed Loan, Subprime Loan, Adjustable Rate Mortgages (ARMS), Pre-payment Penalties, Interest Only Loans, Low Doc/No Doc Loans or Lack of Stated Income Loans, (Negative Amortization Loans, Option ARMs, Deferred Interest Loan), High Debt Service-To-Income Ratio Loans, Piggyback Mortgages, Jumbo Loans, Broker Steering, Predatory Lenders, High-Risk Lender Loans, (Service Fees and High Cost of Refinancing Loans), Individual Tax Identification Numbers (ITIN) and No/Low Doc Loans, and Latino Foreclosure Filings
Robert E. Dwan
Director of the Department of Community Development for the City of Berwyn will speak to the impact of the Home Foreclosure Crisis on Berwyn
Jay Reves, Attorney at Law, Riverside Law Group, LLC, 161 North Clark Street, Suite 4700, Chicago, IL 60601 will speak regarding rights of the individual in the foreclosure process. According to a judge, when a mortgage company appears in court, 80% of the time, the individual is not present and/or not represented.
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