In a program which mirrors a program struggling Florida homeowners have been able to take advantage of for almost a year, Illinois homeowners who are having difficulty making their mortgage payments can take advantage of a new federal program designed to help keep people in their homes. The program, dubbed Illinois Hard Hit, cam provide up to $25,000 over 18 months to those homeowners who are at risk for losing their homes.
The Illinois Hardest Hit Program offers two types of assistance: 1) Reinstatement assistance to pay mortgage arrearages, fees, and penalties in full, and 2) Monthly mortgage payment assistance to pay 100% of the mortgage payment owed to the servicer for up to 18 months while the household makes monthly contribution payments to the Illinois Housing Development Authority during their enrollment in the program.
To qualify for the "Hardest Hit" program, a homeowner must have at least a 25% drop in income, the household income cannot be more than 120% of the local median income, the residence must be the primary and only residence of the borrowers, the loan balance must not exceed $500,000 and the current servicer must agree to accept payments.
This program may bring some much needed relief to struggling Illinois homeowners. If you are a Florida homeowner, a similar program is available to you. For information on the Florida Hardest HIt Program clicktarget=new here. If you are already facing a Florida Foreclosure Lawsuit, contact a Jacksonville Foreclosure Lawyer or a Florida Foreclosure Defense Lawyer today for your free consultation.
