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Foreclosure Counseling


Federal money is on its way to support free financial counseling for Illinois homeowners trying to avoid foreclosure.

The Illinois Housing Development Authority announced the $1.4 million grant Friday, enough to help thousands of homeowners.

Counselors are certified by the U.S. Department of Housing and Urban Development. They talk to homeowners about programs they may help and work as a liaison between homeowners and lenders.

Some homeowners may qualify for a loan modification under the federal Making Home Affordable program. They could see their mortgage payments reduced significantly.

Agencies offering HUD-approved counseling are listed online at find a foreclosure counselor.

Illinois has the eighth-highest number of foreclosures in the nation.

-- Associated Press



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