COVID-19 recession could double Illinois’ delinquent mortgage rate in 2020 – Illinois Policy

Illinois’ housing market was one of the weakest in the nation prior to 2020. Up to 130,000 homeowners could fall behind on their mortgage payments if state lawmakers fail to provide relief.
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Freddy
5 years ago

Mortgages are affordable due to historic lows in interest rates but property tax’s are not. You can work with the lender and have payments lowered or deferred for a while but property tax’s are completely off the table. There is no negotiating with tax’s. If you are late 1 1/2% per month in late fees.No partial payments allowed. So many could keep there homes if tax’s were capped at 1% like Indiana but will lose them to excessive tax’s.

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