State senator teams up with McAsey to offer free housing counseling, advice

ROMEOVILLE - Earlier this month, State Senator AJ Wilhelmi (D-Joliet) joined State Representative Emily McAsey (D-Crest Hill) to host a mortgage relief seminar. Organized by the Illinois Department of Financial and Professional Regulation (IDFPR), the event featured free housing counseling and advice on avoiding mortgage fraud.

"Purchasing a home is the largest investment most families ever make, and in these troubled times, too many people are struggling to keep up with their mortgage payments," Wilhelmi said. "I want to make sure everyone knows that help is available."

Under Illinois law, homeowners who have fallen behind on their mortgage payments are eligible for a 90-day grace period if they enter into housing counseling. Housing counseling is normally free or available at a very low cost. However, homeowners must go through an approved counselor to avoid possible mortgage fraud.

A list of approved counselors is available on the US Housing and Urban Development Authority's website at www.hud.gov/local/il/homeownership/hsgcounseling.cfm.

"In most cases, lenders will want to work with homeowners to avoid foreclosure," Wilhelmi added.

"They'd much rather modify loan terms for a borrower than try to recover their money by selling the house. So if people are having trouble keeping up with their mortgage payments, they should contact their lender before they fall behind. If that doesn't work, they should contact housing counselors who can offer real help."

Illinois government provides several useful resources to help current and potential homeowners, as well as families facing foreclosure.

Visit the Illinois Attorney General's consumer protection page and the Illinois Housing Development Authority's website for more information.