Homeowners can access FREE financial advice through Illinois Foreclosure Prevention Network (IFPN) TODAY
CHICAGO, IL – April 18, 2013 – (RealEstateRama) — The Illinois Housing Development Authority (IHDA) today announced it received a $2.7 million National Foreclosure Mitigation Counseling Program (NFMC) grant, the second-highest award in the nation. In addition, IHDA received notice it will receive $270,270 in U.S. Department of the Treasury funds under the Making Home Affordable (MHA) program to raise awareness about loan modifications.
These two NeighborWorks America grants, totaling $3 million, will allow 10,000 additional families access FREE foreclosure prevention counseling under Governor Pat Quinn’s Illinois Foreclosure Prevention Network (IFPN).
“Governor Quinn’s Illinois Foreclosure Prevention Network (IFPN) enables homeowners to more easily find the tools available to help protect their homes, including FREE counseling assistance from trusted advisers who can connect them to state and federal foreclosure prevention programs,” IHDA Executive Director Mary R. Kenney said. “With these new federal awards, we can continue our state’s efforts to keep neighborhoods strong and vibrant.”
IFPN is a one-stop resource to connect homeowners with important tools, including counseling services, legal advice, up to $35,000 in mortgage payment assistance under the Illinois Hardest Hit program, foreclosure prevention events and tips on how to avoid mortgage fraud.
Illinois residents who are having trouble paying their mortgage, facing foreclosure or know someone who is, should reach out to IFPN as soon as possible by calling the toll-free hotline at 855-KEEP-411 or by visiting www.keepyourhomeillinois.org.
IFPN also hosts regional events, where homeowners struggling with their mortgage payments can receive face-to-face assistance. The next event will be held from 9 a.m.-2 p.m. on Saturday, May 18 at the Peoria Civic Center, 201 SW Jefferson Ave., Peoria.
Since the IFPN launch in 2012:
• 583,700 homeowners have accessed information through the IFPN and Illinois Hardest Hit websites.
• 80,500 have connected to IFPN help hotlines.
• 75,600 homeowners have received homeownership counseling.
• 4,000 people have attended an IFPN workshop.
• $165 million has been committed to more than 7,300 homeowners in 95 of the 102 counties in Illinois under the Illinois Hardest Hit program.
Funded by Congress, the NFMC is administered through a competitive application process. As the state’s housing finance agency, IHDA currently sponsors 80 organizations that provide trusted financial advice on buying a home, foreclosure prevention and credit issues in every county of the state. Since 2008, IHDA has invested $11.5 million under the NFMC to help more than 35,100 Illinois homeowners access counseling assistance.
Studies show homeowners who undergo foreclosure prevention counseling are nearly twice as likely to obtain a mortgage modification, and at least 67 percent more likely to remain current on their mortgage. In addition to foreclosure prevention counseling, IHDA’s affordable loan programs also require buyers to undergo counseling to better prepare them for the responsibilities of homeownership.