For many people in Illinois, the past few years have challenged even the most disciplined and frugal homeowners. Lower wages and record unemployment have taken a toll on the American Dream of owning a home.

Governor Pat Quinn’s Mortgage Relief Project offers property owners on-site assistance to rework their mortgages and prevent foreclosure. Homeowners who have recently fallen behind on their mortgage payments can obtain a 90-day grace period by entering housing counseling, according to the Homeowner Protection Act, which was signed into law by Governor Quinn in 2009.

Property owners can exercise their rights during Mortgage Relief Project outreach events, which are administered by the Illinois Department of Financial and Professional Regulation and the Illinois Housing Development Authority.

“By participating in this event, homeowners can literally save their homes,” said Brent E. Adams, Secretary of Financial and Professional Regulation. “The Mortgage Relief Project provides direct, tangible, and free assistance to homeowners.”

“We partner struggling homeowners with financial counselors who assist them in getting the resources they need to keep their homes,” said Gloria L. Materre, IHDA Executive Director.

The Bolingbrook event is being co-hosted by State Senator A. J. Wilhelmi, State Representative Emily McAsey, and State Representative Jack McGuire. It’s the 13th stop in a statewide tour that began last summer.

The free workshops will be held from 9 a.m.-1 p.m. on Saturday, July 31, 2010, at Brooks Middle School, 350 Blair Lane. Homeowners will receive helpful advice about mortgage refinancing, foreclosure prevention, legal rights, credit counseling and avoiding scam artists. Homeowners can also obtain private, one-on-one housing counseling with HUD-certified counselors. Be sure to bring your latest mortgage documents (bills, statements, notices, etc.), two most recent paystubs, and your state ID or driver’s license. For an itemized list of all the documents that you would need to complete a full application for a loan modification, go to Mortgage Relief Project Document Checklist.

The Homeowner Protection Act establishes a grace period of up to 90 days on mortgage foreclosures for homeowners that enter housing counseling. The law requires that all lenders and loan servicers notify homeowners who are at least 30 days late on their mortgage payments that they have 30 days to seek housing counseling to get their loan back on track. If a homeowner enters housing counseling, they get an additional 30-day grace period on foreclosure in order to work out a payment plan or refinance option.