Foreclosure Prevention Campaign Closes
The final deadline to apply for the federal “hardest-hit” program, which gives 10-year forgivable loans to homeowners hit hard by the recession, is rapidly approaching, as the program is slated to close at the end of the month. This popular campaign has allowed many Illinois homeowners to avoid foreclosure, as the forgivable loans also come attached with a promise to allow residents to make unpaid mortgage payments for up to 18 months after they are due.
The eligibility criteria for the program, however, are very narrow, as applicants must be unemployed or severely underemployed to qualify for relief. As of this summer, more than 14,000 Illinois residents facing foreclosure had applied for the loans, while only 58 percent received assistance. But the majority of these homeowners are more than 90 days late on their mortgage payments, which means they are all at risk of having to defend against a foreclosure.
Illinois Foreclosure Attorneys May Help Homeowners
While many Illinois residents facing foreclosure don’t qualify for the “hardest hit” program, this doesn’t mean they have to wave the white flag when a bank threatens to take their home. There are numerous ways to fight an Illinois home foreclosure, as banks are often sloppy with mortgage paperwork, or downright fraudulent with their claims.
If you are facing a home foreclosure, learn more about your legal rights by contacting an Illinois foreclosure lawyer today. Shockingly, 90 percent of homeowners fail to fight their foreclosure. Many of these people simply don’t know their legal rights. An Illinois foreclosure lawyer can help articulate the laws governing mortgage foreclosures in the state, and may help you save your home from aggressive creditors.