April 22, 2008 - The Illinois Housing Development Authority and the Illinois Department of Financial and Professional Regulation are sponsoring Homeowner Outreach Days to help residents avoid losing their homes through foreclosure. The events will provide one-on-one counseling sessions between borrowers and lenders, as well as workshops on refinancing, foreclosure prevention, legal rights, loss mitigation and credit counseling.

Each event will consist of four 30-minute workshops that will repeat throughout the day. The workshops will cover:

• alternatives to foreclosure and how the mortgage lending system works;
• foreclosure process and court procedure;
• what to expect in the workout process, including how a loan is analyzed and what is a realistic outcome; and,
• what homeowners should be careful of, including a closer look at so-called "rescue" schemes and some of the drawbacks of refinancing.

The State will also offer homeowners one-on-one counseling with lenders and loan servicers, and additional materials and advice from credit counselors and attorneys.

For a state wide schedule go to http://www.ihda.org/.

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