Illinois mortgage help and assistance.
If you are struggling with your mortgage payments, help is available in all cities including Chicago and Rockford. Resources are administered by the state as well as local towns and counties.
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. So they are comprehensive. You can also find additional assistance programs offered by the state of Illinois that can help you with paying other types of bills.
Illinois Housing Assistance Pool
Several lenders in Illinois have committed to help homeowners who may be struggling and those homeowners that have a subprime loan. There is also assistance for borrowers that have 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 on-site to help you get or refinance an existing mortgage into a more affordable loan.
- Other parties and lenders will also be present at these various sessions in order 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. This is a free service for those that qualify, based on their income and other factors.
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. So they still need to be active in exploring all other resources that are available to them. 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. The centers are open to qualified borrowers in Cook County. Stop by a center to get information on 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 highly trained 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. Most of their services are offered at no cost. Read more.
Peoria County foreclosure assistance
A mediation program was initiated that will ensure homeowners meet with their bank or mortgage servicer before their home is foreclosed on. A HUD approved counselor, attorney or mediator will organize the sessions and ensure that communication occurs between all impacted parties. Explore various mortgage assistance programs, such as a loan modification, government aid, or more. Click here.
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.
Homeless prevention and mortgage assistance in DuPage County
Mortgage, foreclosure, and even rental assistance is offered by the People’s Resource Center as well as another non-profit known as the Homeowner’s Center. Over the last year hundreds of homeowners have received help in modifying their mortgage, free foreclosure prevention services, and they have been able to attend workshops on credit and mortgage delinquency counseling. More details.
Seminars and workshops for delinquent Illinois homeowners
Borrowers who are faced with a foreclosure, or who are behind on their payments, can attend a free foreclosure prevention workshop or clinic. They are held in various locations across the state, and various non-profit agencies and Illinois government organizations sponsor them. The sessions provide homeowners the ability to meet with lenders, mortgage servicers, housing counselors, lawyers, and others who are all committed to addressing the foreclosure crisis across the state. Read more Illinois foreclosure clinics.