The Chicago event is being co-hosted by State Senator Antonio Muñoz (D-Chicago), State Representative Edward Acevedo (D-Chicago), and State Representative Susana Mendoza (D-Chicago). It will be the 19th stop in a statewide tour that began in the summer of 2009.
The Mortgage Relief Project offers property owners free on-site assistance to rework their mortgages and prevent foreclosure. Homeowners who have recently fallen behind on their mortgage payments can obtain a 90-day grace period by entering housing counseling, according to the Homeowner Protection Act, a law enacted in 2009 by Governor Quinn. The Act requires that all lenders and loan servicers notify homeowners who are at least 30 days late on their mortgage payments that they have 30 days to seek housing counseling to get their loan back on track. If a homeowner enters housing counseling, they get an additional 30-day grace period on foreclosure in order to work out a payment plan or refinance option.
Mortgage Relief Project outreach events are administered jointly by the Illinois Department of Financial & Professional Regulation (IDFPR) and the Illinois Housing Development Authority (IHDA).
In the wake of the heightened scrutiny surrounding foreclosure procedures, many lenders and loan servicing companies will be in attendance at this Mortgage Relief Project outreach event. Concerned homeowners, who may already be in foreclosure, are encouraged to attend to learn the latest information from their lender, as well as the state’s efforts to help Illinois homeowners keep their homes or, at least, to ensure that they are being treated fairly.
The event will be held from 9 a.m.-1 p.m. on Saturday, April 9th at the Arturo Velasquez Institute, 2800 S. Western Avenue, Chicago, Ill. The free workshops will offer helpful advice about mortgage refinancing, foreclosure prevention, legal rights, credit counseling and avoiding scam artists. Homeowners can also obtain private, one-on-one housing counseling with HUD-certified counselors and are encouraged to bring their latest mortgage documents (bills, statements, notices, etc.), two most recent paystubs, and their state ID or driver’s license.
For more information or to receive immediate assistance in advance of the Chicago event, please call IDFPR’s toll-free consumer hotline (800) 532-8785 or visit www.idfpr.com or www.ihda.org. A list of HUD-approved housing counseling agencies in Illinois can be found at www.hud.gov.