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State Offers Help to Foreclosures Victims
(IRN)-As people continue to deal with foreclosures, the state says it is here to help.

The Illinois Department of Financial and Professional Regulation says if you are struggling with mortgage payments and facing foreclosure, there is help available.

Secretary Brent Adams says the office has been holding mortgage relief events across the state and he says there are more planned. At these events, companies that hold the loan are available to try to modify loans or investigate other options.

"Banks will be the first to tell you, they don't want to foreclose, they don't want to own all these homes, they're not in the business of selling homes, they're in the business of giving out credit," Adams said.

While he acknowledges that facing a foreclosure and dealing with legal paper work can be intimidating, Adams stresses the need for those facing foreclosure to seek help through his department.

Adams says through his office, consumers can get a list of housing counselors to help sort out the paper work and find alternatives to foreclosure. He says 60 percent of those who use housing counselors end up staying in their home.

Illinois' foreclosure rate ranks ninth in the nation.

(Source: Illinois Radio Network)
12 27 10 by Newsroom
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