Many Chicago homeowners continue to struggle to keep current on their mortgage payments and some may be one financial setback away from losing their home to foreclosure.

Many others are just steps away from foreclosure because they have seen their mortgage rates rise out of control, or because their mortgage now exceeds the value of their home.

If you are having difficulty making a payment, or you anticipate a problem in meeting your mortgage obligations in the future, now is the time to take action.

The City of Chicago is sponsoring a series of Borrower Outreach Days to help people facing foreclosure and those who want to make sure it doesn't happen to them.

The next Borrower Outreach Days event will be held Saturday, October 25, 2008 at Washington Park Fieldhouse, 5531 S. King Dr., from 9 a.m. to 2 p.m.

The event offers participants loan work-out sessions with counselors and lenders, access to free legal assistance, various workshops and information about the City's financial literacy programs.

"Few of us factor financial difficulties into our plans when evaluating loans and purchasing a home, but all of us should have some idea what we can do if trouble strikes," Housing Commissioner Ellen Sahli said. "We want to encourage homeowners to take action and use every resource available so that they can get control of their finances and stay in their homes."

Another Borrower Outreach Day will be held Saturday, December 6, 2008 at North Park Village, Administration Building, 5801 N. Pulaski Rd., from 9 a.m. to 2 p.m.

Borrower Outreach Days build on the City's existing foreclosure prevention program known as the Homeownership Preservation Initiative, or HOPI. Under HOPI, anyone having trouble paying their mortgage can find a financial counselor simply by 311, the city's non-emergency number.

For more information about Borrower Outreach Days, call 311 or to register for Borrower Outreach Days call the Department of Housing at 312-742-0635.