New program will help homeowners avoid foreclosure

Help is on the way for Illinois homeowners struggling to keep up with their mortgage payments.

Four mortgage lenders have committed $200 million to a new Homeowner Assistance Pool to help people refinance their mortgages.

It's an effort to ward off foreclosures for homeowners who can't afford their adjustable or fixed rate mortgages.

The initiative also includes a counseling network to help homeowners navigate a path to save their homes.

Gov. Rod Blagojevich's office announced the program Thursday morning.