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State to help homeowners

March 28, 2008

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The state is expanding help for homeowners struggling to pay their mortgages.

Governor Rod Blagojevich says a pool of money lenders are putting up to help homeowners refinance their mortgages has grown to $310 million.

The Governor also announced that he is working with state Sen. Jacqueline Collins (D-Chicago) to introduce legislation that will make sure borrowers are notified when they’re at risk of losing their homes, and given a grace period of up to 60 days to work with counselors on payment or refinancing options before a lender can move to foreclosure.

The Illinois Homeowner Assistance Pool can help homeowners get into fixed-rate mortgages and stabilize their payments to help save their homes. You can get more information at: http://www.ihda.org/ 

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