Illinois mortgage help and assistance.

If you are struggling with your mortgage payments, help is available in all cities including Chicago and Rockford.

The various Illinois Homeowner Assistance Initiatives, which are listed below, will help homeowners that are having difficulty in paying their mortgages, those who are facing foreclosure, and the programs will also assist those who have been a victim of mortgage fraud. You can also find additional assistance programs offered by the state of Illinois that can help you with paying other types of bills. More.

Illinois Housing Assistance Pool

Several lenders in Illinois have committed to help homeowners who may be struggling and those homeowners who have a subprime loan, or another mortgage loan that is scheduled to adjust to a higher interest rate that they can no longer afford.

 

 

 

Homeowners can refinance their current mortgage into a 30-year fixed-rate mortgage that will better fit their budget as part of the Pool.

• Participants must go through mortgage counseling, which can help with other bills and debt. More on mortgage counseling.
• Affordable fixed rate mortgages are offered, with interest rates of 5.75% to a maximum rate of 8%.
• The maximum loan provided will be $417,000, which can cover up to 100% of the home’s value.
• Any fees are capped at $1,000 and there will be no prepayment fees.
• Borrowers need to have a minimum credit rating of 580.
• Dial (312) 836-5200 to learn more about the Illinois Housing Assistance Pool.

Homeowners Outreach Days: This will connect Homeowners with counselors and lenders.

• Events held throughout the state of Illinois will provide homeowners with one-on-one loan as well as credit counseling.
• Participating Housing Assistance counselors will be available onsite to help you get or refinance a mortgage loan.
• Other parties and lenders will also be present to assist homeowners with their existing loans.
• To find an outreach day near you, call 1-888-995-HOPE

Illinois Foreclosure Prevention:

• The statewide Illinois Statewide Foreclosure Prevention Network will provide free mortgage assistance and counseling for any homeowners who are facing increasing mortgage payments and possible foreclosure.
• Foreclosure counselors are also trained to help negotiate with lenders and servicers on behalf of homeowners.
• Homeowners can receive, and need to review, information about some alternatives to foreclosure and other resources that are available.
• Dial 773-329-4010 to learn more or apply.

Receive Free Foreclosure Counseling:

The Illinois Housing Development Authority has provided millions of dollars to mortgage and housing counselors across the state so that the counseling agencies can provide Illinois homeowners with free foreclosure prevention counseling. Click here to learn more about the services offered.

 

 

Chicago Foreclosure Centers:

Freddie Mac has opened foreclosure assistance centers in Chicago to help homeowners who are behind on their mortgage. They will be providing loan modifications and other options to people so they can get back on track with their monthly payments.

Another option is offered by Fannie Mae. Neighborhood Counseling Services of Chicago and Fannie Mae have partnered together to open a help center that will provide struggling homeowners with alternatives to foreclosure, and programs that can help them get back on track with their mortgage payments. Learn more.

Get Foreclosure Mediation in Cook County and Chicago:

With thousands of local families behind on their monthly payments and losing their homes, a newly created program ensures that homeowners have an opportunity to meet face to face with their bank and/or lender as well as a mediator. The goal is to ensure all options are explored before the foreclosure is finalized. Click here to read more on this option.

JP Morgan Chase Homeowner centers in Chicago

Chase has opened two centers in Chicago that will allow struggling homeowners to meet directly with loan advisors to explore solutions to their problems. Click here to read more.

These homeowner centers will allow borrowers to explore solutions including loan modifications, principal reduction, reduced interest rates, and more.

Loan modification from Chicago non-profit agencies

Neighborhood Housing Services of Chicago is a non-profit agency that provides Chicago area homeowners with low interest mortgages, loan modifications as well as other foreclosure prevention advice. The agency employs numerous mortgage counselors who work one on one with homeowners who are behind on their payments and who need help.

Sometimes someone is just too far behind on their payments, or their financial situation may have drastically changed. Unfortunately in these cases this will lead to not all homes able to be saved. However, you should always try.

Learn more on how the Neighborhood Housing Services of Chicago may be able to provide foreclosure assistance in Chicago, and the programs they offer.

Help for the unemployed in Illinois

The federal government hardest hit fund is providing hundreds of millions of dollar to Illinois, and the state has created the Homeowner Emergency Loan Program with the funding. This program will provide loans to under and unemployed homeowners across the state to help prevent foreclosures.

 

 

Government certified housing centers in Illinois

The federal government has certified dozens of non-profits across Illinois as HUD approved housing counseling agencies. A homeowner who is behind on their mortgage or facing a foreclosure can contact a location for help. Read more.

Free foreclosure prevention in Chicago

Another program that Chicago homeowners can take advantage of is the Home Ownership Preservation Initiative (HOPI). Various banks, government agencies, and non-profits are working together to help borrowers. Learn more on Chicago foreclosure assistance programs and resources.

Negotiation and mediation in Will County Illinois

This county has commenced a program that will ensure homeowners and banks across the region communicate prior to foreclosing on a home. A neutral third party mediator will be involved in the process. This foreclosure mediation program will help ensure all possibilities to a foreclosure are explored, and will ensure homeowners are provided every opportunity to pay their home loan. Read Will County foreclosure mediation and get information on the details to the program.