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  • illinois-state-flagIllinois, the land of Lincoln, the Windy City of Chicago, some of the best and brightest of the shopping malls as well as the outdoor activities is also experiencing some growing pains.Fortunately there are some Illinois government mortgage help programs to counter the multiple foreclosure processes that are taking place here.

    A job market that is in less than perfect shape and appears to be weakening has caused the rate of foreclosures to rise rapidly in this, the home state of President Obama, although no real housing jump ever took place here.

    The rate of foreclosures and pre-foreclosures as of February of this year sat about one in every 369 families who were being afected, while the unemployment rate in Illinois too has risen to about 8 percent, giving the conjecture that there will be further foreclosures before things get better.

    The truth is that statistics aside, you don’t care about the why’s and wherefores when it’s your home at stake, the prize that you’ve worked for many years. What kind of government mortgage help is available in Illinois?

    Specific to Illinois, Governor Quinn announced that there will be assistance for the homeowners of Illinois two weeks from now, when they can get on site assistance, along with applying for lower interest loans in a sort of Home Fair, reminiscent of the job fairs that take place. To review those areas which you will be able to attend and apply for loan modifications or see the Illinois Mortgage Assistance Program first hand, visit the Illinois.gov site, or follow the links.


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    The Illinois Government is sponsoring a KEEP YOUR HOME seminar, where you can apply for new loans and speak with government mortgage counselors who may be able to help you keep your house in your own hands. IF you’re interested in the KEEP YOUR HOME seminar, that will take place August 29th 2009

    You are advised to view the web site details for the KEEP YOUR HOME event, and to bring along the following items with you to the seminar.

    * Proof of current income
    * Most recent tax return
    * Most recent mortgage statements
    * Two most recent bank statements
    * Account balances and monthly payments on all other debts
    * Proof/documentation of income from any other sources such as alimony, child support (judgment letter); Social Security income
    * Proof of Homeowners Insurance
    * recent utility bills

    Aside from the specific helps and programs that are available to Illinois residents through their state government, there are also programs which they may qualify for that are from the Federal government, which will, or may, assist you to prevent Illinois mortgage foreclosure on your home.

    First things first. When you believe that you are in danger of not being able to pay your mortgage payment, the first thing that you need to do is to contact your service provider or your mortgage lender so that you can sit down and discuss your options. The best time to do this is prior to being more than two payments late, as your options may be more if you’re in close touch with your lender. Find out if you have the option to refinance at a lower interest rate, if you are eligible for having any payments deferred or if you may in fact be eligible for some type of grant, which, while uncommon can take place.

    Once yo’uve made contact with your lender, the next step may be a Mortgage Prevention Counselor. These services are offered free of charge in most states, and HUD MORTGAGE PREVENTION COUNSELORS will also work with your lenders to make sure that communication is sound and everyone knows their options rather than to watch you do is if you are not at ease discussing the situation with your lender.

    Additionally, the HUD Home Owners Hope programs may also have ways to assist you to keep your Illinois home and prevent a foreclosure. There are numerous programs that they offer, including refinanciing, mortgage counseling, and referrals to other agencies if they feel that you need them. There is never a charge for those services when you obtain them from HUD.

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