Homeowners who are at risk of foreclosures were given a chance to examine their options during a mortgage workshop held in Collinsville, Illinois.
The free mortgage workshop, hosted by Illinois officials, provided information to distressed homeowners to help them protect their properties from becoming bank foreclosures or foreclosed VA homes.
Bill Smirniotis, managing director of the Illinois Housing Development Authority, said that many troubled homeowners who are seeking loan assistance were underemployed or unemployed. He added that distressed homeowners who lost their jobs or have taken a cut on their wages were seeking a loan modification or refinancing.
Industry experts noted that many homeowners who attended the workshop were hoping to obtain assistance to avoid foreclosure so that they could remain in their houses.
At the workshop, distressed homeowners were given a chance to meet face to face with housing counselors who helped them initiate a 3-month grace period which temporarily stopped the foreclosure proceeding.
The 3-month grace period is part of the Mortgage Relief Project of Illinois Governor Pat Quinn. The program aims to give ample time and enough resources to distressed homeowners who are at risk of foreclosures to explore all possible avenues to save their houses from repossession.
Smirniotis pointed out that many distressed homeowners are not aware of Quinn’s mortgage relief program.
Meanwhile, Representative Tom Holbrook said that foreclosure not only affects homeowners but also families and banks. He informed workshop participants that foreclosures do not benefit anybody.
In Madison County, the foreclosure rate of 830 from January to May of this year represented a 9 percent increase compared with 759 for the same period last year.
In the county of St. Clair, the number of foreclosed houses for the same period totaled 945, an increase of 11 percent compared with 853 last year.
Market data showed that the number of foreclosure properties in Illinois surged by over 29 percent in the first six months of this year. The figures were double that of the national average rate for the period.
During the first half of this year, about 69,000 properties received foreclosure filings, representing an increase of 29.5 percent compared with the first six months a year ago and 19.2 percent from the last half of 2008.
In June, 10,796 properties received foreclosure filings, representing one out of every 486 households.
Related Posts:
- None Found
Comments on this entry are closed.