Governor Quinn has established the Mortgage Relief Project to help you take advantage of new government programs that can help you lower your mortgage payments, avoid foreclosure and keep your home.
Governor Quinn’s Mortgage Relief Project helping Illinois families keep their homes
Next outreach event is December 5, 2009 at the College of Lake County in north suburban Grayslake
In an effort to stem the high number of foreclosures, Governor Pat Quinn’s Mortgage Relief Project is touring the state this summer to help struggling Illinois families keep their homes.
Mortgage Relief Project outreach events—plus assistance through 1-800-532-8785—have already helped thousands of residents navigate the complexities of their mortgages with the ultimate goal of preventing foreclosures.
The next outreach event will take place from 9 a.m.-1 p.m. on Saturday, December 5th at the College of Lake County, 1200 University Center Drive in Grayslake. The event will be held in Multi-Purpose Classroom #142 of University Center of Lake County. It will be the seventh stop of a state-wide tour that began at Chicago’s Kennedy-King College before traveling to Peoria’s Neighborhood House, Collinsville’s Blum House, McHenry County College in Crystal Lake, Bloomingdale Village Hall in DuPage County, and West Aurora High School in Kane County.
The Aurora outreach event saw the largest homeowner turnout with more than 100 families seeking the State’s help to stay in their homes. IDFPR and IHDA staff members and the HUD counselors stayed four additional hours past the 1 p.m. closing time to aid the large number of people who needed counseling assistance.
The Mortgage Relief Project is a direct result of the Homeowner Protection Act signed earlier this year by Governor Pat Quinn. The new law provides a grace period of up to 90 days on mortgage foreclosures for homeowners that enter housing counseling. It also 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, he or she gets an additional 30-day grace period on foreclosure in order to work out a payment plan or refinance option.
“Many Illinois residents took advantage of the private, one-on-one housing counseling offered by the HUD-certified professionals,” said Brent Adams, Secretary of the Illinois Department of Financial and Professional Regulation. “As a result, we hope many of them will be able to lower their mortgage payments and prevent off foreclosure.”
Brent Adams (center), Secretary of the Illinois Department of Financial and Professional Regulation, speaks during a Mortgage Relief Project press conference at Collinsville’s Blum House. Pictured with Adams are (from left) State Rep. Jay Hoffman (D-Collinsville), State Sen. James Clayborne, Jr. (D-Belleville), State Rep. Thomas Holbrook (D-Belleville), and State Rep. Daniel Beiser (D-Alton).
Mortgage Relief Project Testimonials
“I received outstanding customer service (at the outreach event). The housing counselor was attentive to my details. She made me feel as if help is on the way.”
--Mr. C.S., Chicago’s South Suburbs
“The housing counselor was very helpful to me in reviewing my materials. Staff members were open and friendly and the program was very informative.”
--Ms. H.V., Central Illinois
I received confirmation that what I am doing the correct thing to do (to prevent foreclosure).”
--Anonymous, Southwestern Illinois
In addition to housing counseling, the free Mortgage Relief Project workshops offered homeowners helpful advice to prevent foreclosure, understand their legal rights and recognize the tell-tale signs of mortgage fraud.
“Oftentimes, homeowners struggling to make ends meet become targets of unscrupulous real estate and mortgage scam artists who can literally steal a person’s home. Suspected cases of mortgage fraud are vigorously pursued through Governor Quinn’s Mortgage Fraud Task Force,” Adams said.
Governor Quinn’s Mortgage Fraud Task Force was formed in 2006 to investigate and stop mortgage fraud. Since its inception, the MFTF has taken disciplinary action against nearly 100 persons and entities and assessed fines in excess of $700,000.
Last year, the MFTF conducted a regulatory sweep of more than 150 mortgage companies to ensure that they were complying with a new law that established stricter underwriting standards for mortgage companies.
For more information, please call IDFPR’s toll-free 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.
Federal and State Programs for Homeowners
The Making Home Affordable Plan, formally known as the Homeowner Affordability and Stability Plan, is part of President Obama’s strategy to get the economy back on track. The plan aims to help millions of families restructure or refinance their mortgages to avoid foreclosure and to save neighborhoods and communities from the negative effects of foreclosure such as lower housing prices, increased crime and higher taxes.
On April 5, 2009, Governor Pat Quinn signed into law the Homeowner Protection Act. The Homeowner Protection Act, which was passed unanimously by the General Assembly, gives homeowners who fall behind on their mortgage payments time to work with their lender to develop a plan that will allow them to stay in their homes. IDFPR stands ready to help you understand this new law and take advantage of its important protections. While the information below is meant to address most questions, please do not hesitate to contact the IDFPR Toll Free Hotline at 800-532-8785 for additional information. MORE>>
