Dec
17

Illinois Offering More Homeowner Assistance

December 17, 2012

homeowner assistance chicago real estate

Chicago real estate owners who are struggling with their mortgage payments may soon receive assistance from the state of Illinois.

Earlier this month, the Illinois Housing Development Authority (IHDA) announced that it will supervise a public-private partnership that will purchase and modify 324 distressed home mortgages. The agency also plans on spending another $3 million in funding on a statewide network of homeowner counseling agencies.

The IDHA has been funding homeowner counseling for more than a year-and-a-half, and the results are proving to be quite effective. Struggling homeowners who receive counseling are 50 percent more likely to obtain a loan modification and 67 percent less likely to default on their homes for a second time. Once homeowners have defaulted on their mortgage a first time, they often go back into default within 18 months of a loan modification, so the program’s effectiveness is quite significant.

In recent months, the IDHA has also been working to help keep mortgages more affordable for homeowners with low incomes or who have lost their jobs. Last spring, the agency launched a program that provides $10,000 in down payment assistance to homeowners who have purchased vacant homes in the Berwyn, Maywood, Park Forest, Chicago Heights and South Holland communities. These areas have been especially hard hit by foreclosures, and the state is working to help them grow and recover.

If you are interested in free homeowner counseling, visit the Foreclosure Prevention Network at keepyourhomeillinois.org.

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Jessica Thom

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