City of Peoria Home Foreclosure Information
On these pages, the City of Peoria offers information on what to do if you are faced with a home foreclosure, and how to handle the situation.
Federal Government Introduces Making Home Affordable Program
A new federal government resource aimed at alleviating some of the fiscal challenges faced by Americans is now available. The Making Home Affordable program could potentially help up to 7 to 9 million homeowners reduce their monthly mortgage payments either by assisting with refinancing mortgage payments or preventing home foreclosures. There are two components to this program: the Home Affordable Refinance Program is designed to give up to 4 to 5 million homeowners, with loans guaranteed by Fannie Mae or Freddie Mac, an opportunity to refinance into more reasonably priced monthly payments; and the Home Affordable Modification Program is committing $75 billion to keep up to 3 to 4 million Americans in their homes by preventing avoidable foreclosures.
Visit www.MakingHomeAffordable.gov for in-depth information about the program and to determine if members of your community can benefit from participating. The site outlines program eligibility requirements and also features a “loan look-up” tool, which may be useful to distressed homeowners in your community.
Here are some other helpful resources:
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