Inside these posts: Housing Action Illinois

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Not enough loan mods in Chicago area, report says

Mortgage loan servicers in the Chicago area are not agreeing to enough loan modifications and aren’t committing adequate resources to help troubled homeowners save their homes, concludes a new report issued Tuesday by a Chicago-based housing advocacy group.

Housing Action Illinois found that of 516 loan modification applications submitted between December 2009 and September, 44 percent were approved, 16 percent were denied and 40 percent of the applications were still pending at the end of September. Most of the approvals involved trial payment plans, not permanent loan modifications, the study found. Get the full story »