Take Root Program Aims to Reduce Foreclosures

A new community-based foreclosure prevention and homeowner education project is starting in Chicago.  It’s called Take Root, and it’s already operational in Milwaukee, Denver, and parts of Florida.  Chicago is the next step.

Take Root is a Freddie Mac sponsored program.  Unlike many other foreclosure prevention programs, however, Take Root teams up with a local community organization, operating on the assumption that local residents might be more comfortable talking to a local organization, rather than the bank or an arm of the government.  In Chicago, Freddie mac is working with the Chicago Urban League. 

Take Root does not offer money to participants.  Rather, it educates homeowners in preventing foreclosure, and also in purchasing a new home.  The program has been successful in other cities.  For example, in its very first year in Milwaukee, Take Root helped more than 2,000 families avoid foreclosure.

If you need help avoiding foreclosure or advice on purchasing a home, contact the Chicago Urban League for assistance.