Help Available for Homeowners Facing Illinois Foreclosure
Many distressed homeowners in Illinois should welcome the news that foreclosure help is available for those who are seeking it. In an effort to curb the rising tide of foreclosure in the state, a series of foreclosure workshops will be conducted in 38 cities nationwide including St Louis on September 13.
The foreclosure workshops will be sponsored by The Neighborhood Assistance Corp or NACA, a housing advocacy and non-profit organization. The said group has already been successful in its goal to provide counseling to troubled borrowers in order to save their home from foreclosure. Their very first workshop was conducted last August 16 and attended by 1,800 people. Last July, an event that drew 20,000 attendees was hosted by the group. The said event also offered mortgage advice and counseling.
Referred to as the “Save the American Dream Workshop”, it will also provide home buyers with a chance to realize their dreams of owning a home without having to become a victim of predatory lending practices.
Basically, the workshop will allow homeowners to determine which among the many foreclosure alternatives will be perfect for their present financial situation. With the help of the foreclosure counselor, a proposal will be drafted and then, submitted to the lenders for approval.
For the buyers, the counselors will help them come up with a budget that is both affordable and realistic. This budget will also be submitted to the lenders.
NACA also encourages troubled borrowers to speak with their lenders, the sooner the better. This will give lenders a clear picture of your financial situation, without the foreclosure process delaying any negotiations.
Other homeowners facing foreclosure can also consider availing the government’s new mortgage relief program. This will allow them to shift to a fixed-rate, government-backed housing loan. Scheduled to be implemented on October 1, the said program hopes to help at most 500,000 distressed homeowners.