Illinois Department of Financial and Professional Regulation

 

NEWS
   
For Immediate Release:
September 14, 2010
 

Governor Quinn’s Mortgage Relief Project is heading to Chicago’s Wright College to curtail area foreclosures

 

Homeowners who need immediate assistance to prevent foreclosure
are urged to call IDFPR’s consumer hotline at (800) 532-8785

 

CHICAGO – In an effort to stem the high number of foreclosures in Cook County, Governor Quinn’s Mortgage Relief Project on September 25th will be visiting Wright College on Chicago’s northwest side to help area homeowners take advantage of programs that can help them stay in their homes. The last five events, which were held in the Chicago metropolitan area, helped more than 1,350 families who were seeking state assistance to prevent foreclosure.
The Wright College event is being co-hosted by Congressman Mike Quigley (D-5), State Senator John Mulroe (D-Chicago), State Representative Joseph M. Lyons (D-Chicago), State Representative Michael P. McAuliffe (R-Chicago), and State Representative John D’Amico (D-Chicago). It will be the 15th stop in a statewide tour that began last summer.

The Mortgage Relief Project offers property owners free on-site assistance to rework their mortgages and prevent foreclosure. Homeowners who have recently fallen behind on their mortgage payments can obtain a 90-day grace period by entering housing counseling, according to the Homeowner Protection Act, a law enacted in 2009 by Governor Quinn. Property owners can exercise their rights during Mortgage Relief Project outreach events, which are administered by the Illinois Department of Financial and Professional Regulation and the Illinois Housing Development Authority.

The event will be held from 9 a.m.-1 p.m. on Saturday, September 25, 2010 at Wright College, 4300 North Narragansett in Chicago. The free workshops will offer helpful advice about mortgage refinancing, foreclosure prevention, legal rights, credit counseling and avoiding scam artists. Homeowners can also obtain private, one-on-one housing counseling with HUD-certified counselors and are encouraged to bring their latest mortgage documents (bills, statements, notices, etc.), two most recent paystubs, and their state ID or driver’s license.

The Homeowner Protection Act establishes a grace period of up to 90 days on mortgage foreclosures for homeowners that enter housing counseling. The Act requires that all lenders and loan servicers notify homeowners who are at least 30 days late on their mortgage payments that they have 30 days to seek housing counseling to get their loan back on track. If a homeowner enters housing counseling, they get an additional 30-day grace period on foreclosure in order to work out a payment plan or refinance option.

For more information or to receive immediate assistance in advance of the September 25th event, please call IDFPR’s toll-free consumer hotline (800) 532-8785 or visit www.idfpr.com or www.ihda.org. A list of HUD-approved housing counseling agencies in Illinois can be found at www.hud.gov.

(Editor’s Note: IDFPR Secretary Brent E. Adams and IHDA Executive Director Gloria L. Materre are available for pre-event interviews to discuss Mortgage Relief Project goals and benefits in advance of the September 25th event. Please call Louis Pukelis at (312) 814-0778 to schedule an interview.)