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Real Estate Myth Busters

Coldwell Banker Residential Realtor Jennie Spallone shares forum, websites, and hope for Illinois home owners facing foreclosure.

I'm excited to offer you an ongoing opportunity to delve beneath the debris of real estate market rumors and fabrication. As a freelance journalist for thirteen years for local and national publications, I can attest to the fact that drama sells newspapers. What is more dramatic than scores of people losing their homes to corrupt banks, or a school bus picking up a dozen children whose family residence is a grungy motel?

While these stories abound across our nation, I can tell you that in Illinois there are new programs designed to beat back this onslaught.  Last week, Governor Pat Quinn announced that the Illinois Housing Development Authority (IHDA) will receive $445 million from the Obama Administration to help unemployed homeowners who can’t make their mortgage payments.

About 15,000 Illinois residents will receive up to $25,000 in aid from the Hardest Hit Fund illinoishardesthit.org which was designed to help Illinois homeowners whose incomes have fallen by at least 25 percent and who are in danger of losing their homes www.ihda.org. Even if folks have been turned down for loan modification plans, they are still eligible to apply if they meet the criteria. The Chicagoland Real Estate Forum lists foreclosure-prevention workshops.

So yes, Virginia, there is hope amid the shadows of adversity.  How can you help? Acknowledge the pain one in five home owners have experienced, but don't let depression get the best of you. Educate your friends, family members, and neighbors about the resources we've mentioned, but don't allow uncertainty and fear to cripple your buying habits. 

Remember, you are an American. Despite all its failings, immigrants still flock here from all over the world. Live your life with courage. 

This post is contributed by a community member. The views expressed in this blog are those of the author and do not necessarily reflect those of Patch Media Corporation. Everyone is welcome to submit a post to Patch. If you'd like to post a blog, go here to get started.

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