Federal foreclosure funds trickling into neighborhoods

Source: Chicago Tribune

Torrey Warship had never owned a home — until the mortgage foreclosure crisis.

Through a federal program to renovate foreclosed homes, the 34-year-old public works laborer bought his first house in Waukegan for $138,000. He moved his family out of an apartment and into a two-story, two-bedroom, 2 1/2-bath home in a “nice and peaceful neighborhood.”

“I’m loving it,” he said. “If it wasn’t for that (program), I wouldn’t have been able to get it.”

Warship is one of a small number of new homeowners benefiting from the Neighborhood Stabilization Program, which has sent $4.6 million to Lake County to buy, renovate and sell foreclosed, abandoned homes.  Read more…

Welcome to the new
Mercy Housing site!

We're dedicated to bringing you the best tools to find housing or learn about opportunities to partner with us to change lives in your area. Explore our new interactive maps to find the work we're doing near you.

Explore the new site