Illinois Foreclosure Listings

Illinois Foreclosure Listings - Local Help Helps

Posted on September 17th, 2008 in Illinois by Johnny

Relief, that the housing bill signed by President Bush last week is to provide to close to 400,000 home owners facing foreclosures by getting their loans refinanced to loans of lower values, might be too late for many already in some stage of the foreclosure process.

The state of Illinois already has programs that are helping borrowers who are part of the Illinois Foreclosure Listings.

FHASecure, the program run by the Federal Housing Administration has seen around 15,000 home owners from Illinois refinancing through them. This program lets home owners with good credit, who are expecting their interest rates to rise to refinance their loans. Borrowers who have ended up missing on even one of their payments do not qualify. Last month, the Department of Housing and Urban Development issued a ruling, which would allow into the program, borrowers with bad credit too. Only lenders who have been approved by the government can pass FHA loans.

Homeowners Assistance Initiative which began in February is along the lines of FHASecure, set up by the state of Illinois with a pledge by 8 lenders to generate three hundred and ten million dollars in FHA re-finances. Since inception about twelve refinances have gone through or are about to very soon. About 12 others who approached for help had loans with a lender who was part of the 8 who were in the program, and the terms of the loans were modified making them comparatively affordable.

Five of the lenders in the program are based out of Chicago. They are Townstone Financial Inc., Professional Mortgage Inc., Chicago Bancorp, Perl Mortgage and Guaranteed Rate. The Alliance Credit Union in Rockford, the National Bank of Commerce, 1st Advantage Mortgage LLC and Berkeley make up the remainder of the eight.

The Neighborhood Assistance Corp. of America, a non profit organization, works with borrowers and lenders to set up revised payment plans or modifying terms of the loans. Their Chicago office conducts workshops twice a month, attracting close to six hundred local homeowners.
For working on new loan terms, attending the work shops is a must.

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