Offering homeowners immediate assistance to prevent foreclosure, Governor Pat Quinn’s Mortgage Relief Project will be making its next stop at Wright College on Chicago’s northwest side on Saturday, September 25, 2010.

Homeowners who have recently fallen behind on their mortgage payments can obtain a 90-day grace period by entering housing counseling, according to the Homeowner Protection Act, which was signed into law by Governor Quinn in 2009. Administered by the Illinois Department of Financial and Professional Regulation and the Illinois Housing Development Authority, property owners can take advantage of state and federal program on-site at Mortgage Relief Project outreach events.

“By participating in this event, homeowners can literally save their homes,” said Brent E. Adams, Secretary of Financial and Professional Regulation. “The Mortgage Relief Project provides direct, tangible, and free assistance to homeowners.”

“We partner struggling homeowners with financial counselors who assist them in getting the resources they need to keep their homes,” said Gloria L. Materre, IHDA Executive Director.

The Wright College event is being co-hosted by Congressman Mike Quigley (D-5), State Senator John Mulroe (D-Chicago), State Representative Joseph M. Lyons (D-Chicago), State Representative Michael P. McAuliffe (R-Chicago), and State Representative John D’Amico (D-Chicago). It will be the 15th stop in a statewide tour that began last summer.

The free workshops will be held from 9 a.m.-1 p.m. on Saturday, September 25, 2010, at Wright College, 4300 North Narragansett in Chicago. Homeowners will receive helpful advice about mortgage refinancing, foreclosure prevention, legal rights, credit counseling and avoiding scam artists. Homeowners can also obtain private, one-on-one housing counseling with HUD-certified counselors. Be sure to bring your latest mortgage documents (bills, statements, notices, etc.), two most recent paystubs, and your state ID or driver’s license. For an itemized list of all the documents that you would need to complete a full application for a loan modification, go to Mortgage Relief Project Document Checklist.

The Homeowner Protection Act establishes a grace period of up to 90 days on mortgage foreclosures for homeowners that enter housing counseling. The law requires that all lenders and loan servicers notify homeowners who are at least 30 days late on their mortgage payments that they have 30 days to seek housing counseling to get their loan back on track. If a homeowner enters housing counseling, they get an additional 30-day grace period on foreclosure in order to work out a payment plan or refinance option.

For more information or to receive immediate assistance in advance of the September 25th event, please call IDFPR’s toll-free consumer hotline (800) 532-8785 during regular business hours or visit www.idfpr.com or www.ihda.org. A list of HUD-approved housing counseling agencies in Illinois can be found at www.hud.gov.

Click here for more information.