Illinois foreclosure prevention for many homeowners

The state of Illinois has had to endure a large amount of foreclosures, particularly in three counties. The Senator recently hosted the Illinois Mortgage Relief Project to help struggling homeowners avoid foreclosure. Homeowners were given the opportunity to meet with lenders and obtain a vast amount of resources to help stay in their homes.

The foreclosure prevention event was held in Will County late last month. It was arranged to facilitate homeowners and banks in a face to face environment. Homeowners had the chance to meet with housing counselors. Being together in person makes the process more efficient and since 2009, almost 1,000 homeowners have received some form of assistance. At the event, homeowners also had the opportunity to attend workshops and obtain other resources to help them remain in their homes or lower their mortgage payments.

Homeowners were asked to bring certain documents to help streamline the process. The most common items included the most recent pay stubs in the last two months and a mortgage statement. Other documentation included recent bank statements and a utility bill.

For a struggling homeowner, the possibility of foreclosure is still very real. Illinois homeowners who have been threatened with the possibility of a foreclosure on their home may have resources available to them. Applying for some form of mortgage relief could give a struggling homeowner the time to sit down and make decisions in regards to their debt. Negotiations with a bank or lender may provide more options for an individual to lower his or her current monthly mortgage payments or have access to other foreclosure prevention programs.

Source: thetimesweekly.com, Senator McGuire hosts foreclosure prevention event, No author, Oct. 23, 2013

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