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Welcome to Spanish Coalition for Housing

Comprehensive Homeownership Center
SCH Services All City Wards
SCH Services Many Suburban Towns
Support and Empowerment for Landlords

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FORECLOSURE? Let Us Help?

Personal Responsibility + Community Involvement = FORECLOSURE PREVENTION

The foreclosure prevention crises is hitting our communities like a mental heath patient receiving electric shock therapy; the patient feels disoriented, at a loss of what to do next and paralyzed with fear of being hit with another shock. Many people in our community are facing this same condition today; they are receiving the shock of an adjustable interest rate that has increased their payments by two or three times what they used to pay. Homeowners are at a loss of what to do next because their budgets cannot be stretched anymore. The foreclosure problem is at a full-blown crisis level in our communities. According to Realtytrac.com, in zip codes such as 60651,60622.60647,60639,80621, 6I625, etc. the foreclosure filings for 2007, as compared to filings in 2006, have increased from the hundreds to over a thousand in each zip code or by as much as 600%.

Foreclosure Crisis in Our Communities

By Spanish Coalition for Housing

Mission
The Spanish Coalition for Housing (SCH) is the lead agency helping Latino and other LMI families with their housing needs in the greater Chicagoland area. Spanish Coalition for Housing is a non-profit organization created in 1966. The mission of Spanish Coalition for Housing is to provide comprehensive counseling, education and housing resources necessary for families to develop competence and responsibility in meeting their financial and housing needs; provide the necessary information and assistance to renters and homeowners, enable them to avoid rent delinquencies, mortgage defaults and foreclosures; aggressively market available resources to all Spanish speaking persons and others who require advocacy to which ensures that they have equitable opportunity to access resources. SCH is an agency that provides the quality service that LMI families need to become financially literate and effectively live within their means.

Need: Addressing Increase in Foreclosures Homeownership is still the best way for LMI families to build wealth and maintain a financial safety net into the future. The security of homeownership is being threatened by the rising foreclosure rate across the Chicago area. According to Chicago Crain’s Business Magazine, The Cook County area is on a pace to record at least 30,000 and as many as 36,000 foreclosure filings in 2007. However, according to Realtytrac.com, there have already been 26,219 foreclosure filings in Chicago alone. This means that many families are no longer able to keep up with their monthly mortgage payments, so the banks step in and takes their homes (see Foreclosure Figures… in table below).

Latinos nationwide have been disproportionately affected by the sub-prime lending foreclosure crisis: