With record levels of unemployment hitting the nation (over 16% in Illinois), many people are struggling to keep their homes and apartments. If you are a homeowner or renter worried about making your monthly payments, the following list of resources can help.
Resources for Homeowners
Several companies are offering reduced or forbearance of mortgage payments if owners have been affected by the pandemic. Under the CARES Act, all federal backed loans are eligible for forbearance (pausing payments). This includes loans backed by FHA, VA, USDA, Freddie Mac and Fannie Mae.
After requesting forbearance, you are allowed up to 180 days, with the options of requesting an additional 180 days if needed. Note that the loan payment is not forgiven, just paused until after this period. also, regular interest will still accrue.
Several mortgage providers who are not federally-backed are also offering consumer relief, though this depends on the company. See Consumer Finance on Mortgage Relief for a comprehensive look at seeking forbearance. If you need help finding options, there are many organizations providing HUD approved homeowner counseling. In Bolingbrook, this is the Community Service Council of Northern Will County.
- United States Department of Housing and Urban Development COVID-19 Resources and Fact Sheets
- Illinois Housing Development Authority
Resources for Renters
Know your rights and options. The most important thing a tenant should remember is the Ban on Eviction until June 27th. Governor Pritzker issued an executive order preventing evictions during this time period. Like with homeowners, there are several organizations that can help with rent assistance, including the IDHS and Community Service Council of Northern Will County.
- Tenant Rights in Illinois
- Don’t Get Kicked Out
- Eviction Lab’s Report on Tenant Eviction in Illinois
- List of organizations providing rent assistance
Please share this information if someone you know is trying to keep their home. Our staff will continue to provide our community with information and service just as we always have, now more than ever. Things will get better eventually.
- Housing Action Illinois: The most comprehensive lists of resources for Illinois residents on to maintaining their housing.
- IDHS Homelessness Prevention Program: Find help paying your rend or mortgage.
- File for Unemployment
- Illinois Legal Aid Online