Foreclosure alternative program arrives in Illinois

With Illinois’ foreclosure rate still far above the national average, a Boston-based nonprofit is extending a lifeline to a select group of Illinois homeowners in danger of losing their homes.

Boston Community Capital’s goal is to buy the mortgages of qualified homeowners in foreclosure from lenders at a discount, then sell the homes back to homeowners at the current market value, with lower monthly mortgage payments…Please click here to read Mary Ellen Podmolik’s story in the Tribune.