Illinois Department of Financial and Professional Regulation Releases Educational One Pager on COVID-19 Relief Concerning Evictions, Mortgages, and Student Loans

CHICAGO – The Illinois Department of Financial and Professional Regulation wants to ensure that Illinois consumers are aware of COVID-19 relief options that are available to them.  Today, IDFPR released an educational one pager for consumers to quickly and easily learn about their 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.

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

Please see below and the educational PDF 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.