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Illinois issues guidance on COVID-19 relief with evictions, mortgages, student loans

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SPRINGFIELD — On Tuesday, the Illinois Department of Financial and Professional Regulation (IDFPR) released an educational one pager for consumers to learn about federal relief options when it comes to evictions, mortgages, and student loans.

“At this unprecedented time of financial hardship, it is essential that consumers know and understand their options. Through our agency’s outreach, we hope to ensure that every Illinois resident takes advantage of the relief they qualify for,” said IDFPR Secretary Deborah Hagan in a press release.

Federal deadlines are fast approaching.  It is imperative that consumers take action quickly.

The educational PDF is linked here.

Mortgage Deadlines

• FHFA forbearance must be requested by 1/31/21.
• HUD loan forbearance has been extended to 2/28/21.
• FHFA foreclosure moratorium ends 1/31/21.
• VA foreclosure moratorium ends 2/28/21.
• HUD foreclosure moratorium ends 2/28/21.

Student Loan Deadlines

• Relief has been extended until 1/31/21.  This includes interest being waived on all loans, collections on defaulted loans is halted, and loan payments are suspended.

The state reported 6,839 new confirmed and probable cases of COVID-19 in Illinois, including 126 additional deaths, on Tuesday.

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