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Illinois Outreach Program to Avoid Bank Foreclosed Homes

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By : John Cutts    99 or more times read
An outreach program has been launched to help distressed homeowners in Chicago, Illinois avoid bank foreclosed homes. Illinois Governor Pat Quinn announced the outreach program which will provide guidance to homeowners in danger of foreclosures who want to apply for the Making Home Affordable Program.

The Obama Administration's loan modification program aims to help distressed homeowners remain in their properties by altering their mortgages into affordable payment terms.

According to a press release from Governor Quinn’s office, Chicago distressed homeowners will have an opportunity to receive financial counseling for free at the Cicero Community Center on August 29.

The Keep Your Home program will be manned by real estate lawyers who will offer their services for free and housing counselors certified by the U.S. Housing and Urban Development (HUD). They will help review documents that will be submitted by distressed homeowners on site to evaluate if the borrowers qualify for reduce mortgage payments under the federal modification program.

Borrowers who may qualify to receive lower loan payments must be behind on their mortgage payments, primary owners of the one-to-four room property, should owe no more than or equal to $729,750 on single-family houses, have loans originated on or before December 31, 2008 and have an income enough to pay the monthly mortgages.

Homeowners who are interested to avail of the loan modification program are required to bring and submit several documents, including proof of income, pay stubs of the most recent mortgage payments, recent tax return, recent first and second loan statements, updated bank statements, credit cards, car loans or student loans, monthly payments on other debts such as property taxes, homeowner's association fees, homeowners insurance, recent utility bill and for self-employed, a profit-loss state.

The Illinois Housing and Development Agency (IHDA) has partnered with the Chicago Community Trust, Attorney's Title Guaranty Fund, Neighborhood Housing Services of Chicago and West Suburban Communities to present the outreach program.

Early this year, Quinn signed the Homeowner Protection Act, a law that provides a 90-day grace period on foreclosures for distressed homeowners who avail of housing counseling. Homeowners who qualify for loan modification during the event will see their applications completed and sent immediately to loan servicers.

Homeowners can expect their mortgage payments to be lowered to not more than 31 percent of their gross monthly income.
John Cutts has been educated in the finer points of the foreclosure market over 5 years.

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