Aug
11

More Help for Unemployed Illinois Homeowners

August 11, 2010

Illinois is one of the hardest-hit states in the country when it comes to foreclosure and unemployment rates.

Now comes word from Washington about help for homeowners struggling with both.

The Obama administration on Wednesday announced that Illinois is going to get more than $166 million in foreclosure prevention funds to help unemployed homeowners.

Through the Housing Finance Agency Innovation Fund for the Hardest Hit Housing Markets, also known as the Hardest Hit Fun, the U.S. Department of the Treasury will provide a combined $2 billion in aid to 17 states and Washington D.C.

Each state was chosen because its unemployment rate has been at or above the national average for the past 12 months.

In June, the U.S. unemployment rate was 9.5 percent; in Illinois, it was 10.4 percent.

Each eligible state will use the money for unemployment programs that will temporarily assist qualified homeowners in making their mortgage payments.

“We remain committed to helping struggling homeowners, and this program will provide additional assistance to states hit hardest by unemployment,” said Herb Allison, the Assistant Secretary for Financial Stability. “This is part of the Administration’s comprehensive housing policy that has helped to stabilize a fragile housing market and allows responsible homeowners the chance to reduce their monthly mortgage payments to affordable levels.”

How much money each eligible state is going to get was based on population.

The 17 hardest-hit states and the amounts each will receive:

Alabama  —  $60,672,471

California  —  $476,257,070

Florida  —  $238,864,755

Georgia  —  $126,650,987

Illinois  —  $166,352,726

Indiana  —  $82,762,859

Kentucky  —  $55,588,050

Michigan  —  $128,461,559

Mississippi  —  $38,036,950

Nevada  —  $34,056,581

New Jersey  —  $112,200,638

North Carolina  —  $120,874,221

Ohio  —  $148,728,864

Oregon  —  $49,294,215

Rhode Island  —  $13,570,770

South Carolina  —  $58,772,347

Tennessee  —  $81,128,260

Washington, D.C.  —  $7,726,678

In addition to this program, the U.S. Department of Housing and Urban Development (HUD) announced that it is about to launch a $1 billion Emergency Homeowners Loan Program that will also help homeowners at risk of foreclosure.

This program, which will provide assistance for up to 24 months, will apply to those who have had a substantial reduction in income due to involuntary unemployment, underemployment or a medical condition.

This assistance will go to homeowners in hard hit local areas that may not be included in the hardest hit states. Those areas are still being determined. Additional details will come when the program officially launches in the coming weeks.

About The Author

Tracey

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4 Comments

1

[...] Hopefully the numbers throughout Illinois — and across the country — will continue to increase. But there is another stat the housing market desperately needs to see improve before it stabilizes: The unemployment rate. [...]

2

I applied for a mortgage modification’ and was denied. I am a single unemployed father of two ages 8 and 4 I am receiving unemployment that’s dew to end soon. I’m in very bad need of assistance.

3

i am unemployed and my husband is on disability, between the two of us we are unable to make the 2 mortgage payment plus pay the additional bills. we cannot sell one of the houses and are still struggling to make the payment. we are now 4 months behind and before soon will be losing our home.

4
Tracey

I’m so sorry for your situation. It seems all too familiar these days.

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