AUSTIN RESIDENT KEEPS HER HOME WITH HELP OF GOVERNOR’S FORECLOSURE PREVENTION NETWORK

 Regina Bailey is a proud woman pushed almost to desperation by a combination of personal tragedies and the current economic crisis. She and her family have lived in the neat bungalow in the 5100 block of Concord Street in Austin for 27 years. She raised her family and now provides a home for her daughter and granddaughter. But, her pleasant life was hitting the rocks and she was at risk of losing her home until Governor Quinn and the Illinois Foreclosure Prevention Network and the new Illinois Hardest Hit Fund came to her rescue.
    In 2002, Regina’s son Armand died of leukemia. Five years ago, her husband passed away, leaving her with the responsibility for supporting herself and her family, plus paying the mortgage, insurance, and taxes on her home.

 It was rough because Regina also provides support for her daughter Carla while she attends college, and her 10-year-old granddaughter Armane-ce.
    A friend referred Regina to Spanish Coalition for Housing, an independent HUD-certified housing counseling agency that works with lenders and is knowledgeable of federal and state programs for mortgage modification and foreclosure prevention. Her Case Manager, Itzel Alcaraz, got her approved for loan modification by folding her taxes and insurance into her mortgage. This reduced her monthly payments.
    But, in October 2010, when Regina was laid off from her job as a Lab Technician at Elmhurst Hospital, she couldn’t keep up with even these lower payments. Then, Governor Quinn announced creation of the Illinois Hardest Hit Fund administered by the Illinois Foreclosure Prevention Network. This program is designed specifically for people like Regina so they won’t lose their homes to foreclosure while they struggle to get back on their feet financially. The program is made possible through a $445.6 million injection of TARP funds to the state, specifically intended to keep people in their homes. Requirements for homeowners to participate include that they are two to three months behind in their mortgage payments and have lost at least 31% of their income.

This described Regina’s situation, so Itzel at Spanish Coalition for Housing submitted her application to the state. Last week, she and Joseph McGavin, Director of the Hardest Hit Fund, paid a visit to Regina to inform her that she was approved to participate in the program. Her loan was reinstated and she will have her mortgage paid by the fund for the next eleven months. In turn, Regina makes a monthly contribution of 31% of her income. This guarantees her security as she prospects for a job and assures that she and her family have a roof over their heads.
    For information on qualifying for assistance through the Illinois Foreclosure Prevention Network, call the free Hotline at 1-855-446-6300.