Refinancing funds in a state program to help homeowners avoid foreclosure by accessing fixed-rate mortgages has grown from $200 million to $310 million, according to Gov. Blagojevich's office.
In February, the state launched the Illinois Homeowner Assistance Initiative to provide fixed-rate mortgages for Illinois borrowers with moderately good credit. The program has no income requirements and is open to homeowners regardless of their current mortgage product. Interest rates are between 5.75 percent and 8 percent.
Illinois also recently received a $1.5 million grant from Washington, D.C.-based non-profit NeighborWorks America to boost foreclosure prevention counseling efforts here. The money will go to 18 local non-profit counseling agencies to assist approximately 4,000 homeowners. For information, call (800) 532-8785.