Foreclosure Prevention Workshops

March 30, 2012 9:52:54 AM PDT
The first of six statewide events organized by the Illinois Foreclosure Prevention Network kicks off on Saturday in Berwyn.

The event is designed to help provide struggling homeowners with access to quality assistance and information they need to avoid foreclosure. At the March 31 st event, homeowners facing foreclosure can access free counseling services, legal advice , mortgage payment assistance programs and tips on how to avoid mortgage fraud. In 2011, 103,003 homes in Illinois received a foreclosure filing, or one in every 51 homes. RealtyTrac ranked Illinois 8th in the country for the number of foreclosure filings. The Chicago area has been especially affected, with the city of Chicago ranking second in the nation in number of foreclosures. According to RealtyTrac, as of 2011, there were 96,996 properties that were bank-owned or in some stage of foreclosure in the Chicago metro area.

Foreclosure Prevention Workshop
Saturday, March 31st, 9AM-2PM
Morton West High School
2400 Home Avenue
Berwyn, IL


1. Don't ignore the problem. The further behind you become, the harder it will be to reinstate your loan because you'll have fewer options and the more likely that you will lose your house.

2. Act fast, even if you are not in foreclosure yet. If you are struggling to pay your mortgage, or had a reduction in income or expect an income reduction soon, find free relief now so you are not stretching, don't wait until you've exhausted all of your savings.

3. Visit the Illinois Foreclosure Prevention Network (IFPN) website to find free housing counselor- or call the IFPN hotline at 1-855-KEEP-411 (1-855-533-7411). Foreclosure counseling more than doubles a homeowner's chance of receiving a loan modification and reduces the likelihood of re-default by 67%.

4. Attend a free, foreclosure prevention workshop like the IFPN Keep Your Home Illinois event in Berwyn March 31. On-site resources can help you whether you are in foreclosure or just struggling to pay your mortgage.

5. Open and respond to all mail from your lender. The first notices you receive will offer good information about foreclosure prevention options that can help you. Your failure to open the mail will not delay or stop the foreclosure process. 6. Know your mortgage rights. Find your loan documents and read them so you know what your lender may do if you can't make your payments.

7. Understand foreclosure prevention options. Valuable information can be found online. Visit the Illinois Foreclosure Prevention Network website at 8. Avoid so-called foreclosure prevention companies. Never pay a fee for foreclosure prevention help-use that money to pay the mortgage instead and find a FREE qualified housing counselor by calling 1-855-KEEP-411.

9. Never sign a legal document without reading and understanding all the terms and getting professional advice from a housing counselor. If you sign a document appointing someone else to act on your behalf, you may be signing over the title to your property and becoming a renter in your own home!

10. Maintain a household budget. A budget helps you recognize problems before they arise, and you can then change your commitments and behavior to prevent them. A housing counselor can help you with this.