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Libertyville foreclosure defense attorneysAs the nation has struggled financially due to the shutdown caused by the COVID-19 outbreak, the federal government placed a freeze on foreclosure and eviction proceedings by Fannie Mae, Freddie Mac, and other government agencies. Many of the country’s leading mortgage lenders and banks also announced programs designed to assist homeowners facing difficulties making their mortgage payments.

The specifics of the programs offered by the various lenders can vary widely, as not all institutions can afford to go very long without payments from their borrowers. Such inconsistencies have left many homeowners still worried about what will happen in the next few weeks and months. With this in mind, lawmakers in Illinois are working to pass a bill that would offer relief to renters, homeowners, and lenders before the new month begins.

Bill Would Suspend Rent and Mortgage Payments

Last Friday, Representative Delia Ramirez (D-Chicago) introduced the COVID-19 Emergency and Economic Recovery Renter and Homeowner Protection Act. “We have to make housing an absolute top priority,” Ramirez said. She expressed that families should not have to choose between keeping a roof over their heads or buying food.

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