By Craig A. Whitney
March 1, 2010
Last year there were over 200 foreclosure filings in the Norridge-Harwood Heights area.
“In 2009, there were 74 properties with foreclosure filings in Harwood Heights,” said Woodstock Institute Vice President Tom Feltner. “That’s a 196 percent increase over 2007.
“In 2009 in Norridge there were 134 properties with foreclosure filings representing a 272 percent increase over 2007,” he added.
Feltner said there were two factors behind foreclosures.
“One, you see product driven foreclosures. Those are loans with the exploding adjustable rate interest payments. You also see foreclosures on the conventional side which are mostly driven by unemployment,” he said.
In 2010, Feltner said more borrowers need to be in permanent loan modification programs in order for foreclosure numbers to come down.
“Second, we’re working at the state level to make sure that when a loan servicer notifies a borrower of foreclosure, they’re also notifying them if they qualify for a loan modification,” Feltner said.
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