Illinois Department of Financial and Professional Regulation

 

NEWS
   
For Immediate Release:
October 8, 2010
 

Governor Quinn’s Mortgage Relief Project is heading to Chicago’s south suburbs to stem Will, Cook foreclosures

 

Homeowners concerned about recent news highlighting weaknesses in
foreclosure process urged to attend the Crete-Monee High School event

 

CHICAGO – In an effort to stem the high number of foreclosures in southern Cook and Will counties, Governor Quinn’s Mortgage Relief Project on October 23rd will be visiting Crete-Monee High School in south suburban Will County to help area homeowners take advantage of programs that can help them stay in their homes. The last six events, all held in the Chicago metropolitan area, helped nearly 1,700 families who sought state assistance to prevent foreclosure.

The Crete-Monee High School event is being co-hosted by State Senator Toi W. Hutchinson (D-Olympia Fields), State Representative Anthony DeLuca (D-Crete), and State Representative Lisa M. Dugan (D-Bradley). It will be the 16th stop in a statewide tour that began in the summer of 2009.

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. 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.

Mortgage Relief Project outreach events are administered jointly by the Illinois Department of Financial and Professional Regulation (IDFPR) and the Illinois Housing Development Authority.

Recent media reports have highlighted weaknesses in the foreclosure procedures of many lenders. IDFPR, along with several other states, is looking into these reported problems. Concerned homeowners, who may already be in foreclosure, are encouraged to attend the Mortgage Relief Project outreach event to learn the latest information about their lender, as well as the state’s efforts to help  Illinois homeowners keep their homes or, at least, to ensure that they are being treated fairly.

The event will be held from 9 a.m.-1 p.m. on Saturday, October 23, 2010 at Crete-Monee High School, 1515 W. Exchange St., Door #3 in Crete, Ill. 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 October 23rd 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 October 23rd event. Please call Louis Pukelis at (312) 814-0778 to schedule an interview.)