Over 200 Homeowners in Cook County Illinois Saved From Foreclosure

A Cook County mortgage foreclosure mediation program has prevented 216 homeowners from having to surrender their homes to the bank. A report given to the Cook County Board earlier this month showed roughly a third of the homeowners who took part in the county's mediation program were given permanent modifications by their lenders.

The goal of the mediation, which generally takes three to six months, is to facilitate and encourage homeowners and lenders to come to mutual agreement on cases already in the judicial foreclosure process. The county invested $3.5 million to start up the program last year, and its funding has been continued with another $3 million.

About one half of those that didn't receive modifications agreed to vacate their home, the other half faced a continued foreclosure action from their lender.

High numbers of foreclosure cases are continuing to be brought in Cook County. As of the end of March there were over 74,000 pending mortgage foreclosure cases in Cook County Circuit Court with about 85 percent of them involving residential properties.

Loan modifications, such as the ones arrived at in foreclosure mediation, are just one of many options available if you are a homeowner facing foreclosure. For instance, a Chapter 13 bankruptcy will stop the foreclosure process and allow you to catch up on mortgage payments through a reorganization plan.

Other options for distressed homeowners include: forbearance agreements, mortgage restructuring, deed in lieu of foreclosure and short sale negotiation. An experienced mortgage assistance attorney can provide further information about the best options for your specific situation.

Source: 216 Cook County homeowners saved from foreclosure

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