Keeping Homeownership Affordable

When 51-year-old small business owner, Lorrie, closed her bar and grill in July 2009, she knew she would no longer be able to afford the $1,900 monthly mortgage. But the thought of losing the home she had shared with her late husband, Ben, and where they had raised three children, was unbearable. That's when she sought homeownership counseling from the Peoria-based non-profit agency, Central Illinois Debt Management and Credit Education (CIDMCE), who worked with Lorrie on her finances and educated her on her options. As a result, the hardworking mother has been able to modify her loan, reduce her mortgage by more than $500, and ultimately avoid foreclosure.

Since 2007, IHDA has provided approximately $6 million to more than 40 counseling agencies, such as CIDMCE under the federally-funded National Foreclosure Mitigation Counseling program to help more homeowners like Lorrie save their homes.