Illinois Hardest Hit Program provides help for Struggling Homeowners

June 04, 2012

Person Giving A Helping HandFor Chicago area homeowners who are behind on their mortgage payments due to loss of employment or a reduction in income, help is available.

The Illinois Housing Development Authority (IHDA) has teamed up with the U.S. Department of Treasury to create the Illinois Hardest Hit program.The $300 million fund is aimed at helping homeowners who are behind on their mortgage payment. The money is allotted from the $7.6 billion federal Troubled Asset Relief Program fund.

So how does it work?

For those who are a few months behind on their mortgage payments, the Hardest Hit program provides a grant to help get homeowners current on their mortgage payments. The Hardest Hit fund will provide grants of up to $25,000 over 18 months to help Illinois homeowners who have fallen behind.

The goal of the program is to get as many homeowners throughout Illinois and the Chicagoland area involved before they get too far behind on their mortgage payments. Since it began six months ago, the program has helped 2,500 homeowners, making Illinois the top state in aiding homeowners of the 19 states participating in the program.

“We’re trying to reach as many people as possible and early in the foreclosure process, before they incur a lot of interest and late fees,” explained IHDA Executive Director Mary Kenney. “Once the application is completed, we can generally get the processing done and payments made directly to the lender within 60 days.”

Some of the requirements to take part in the Hardest Hit program are:

  • Property must be located in Illinois.
  • Households must have a documented income reduction of 20% due to unemployment or underemployment through no fault of their own.
  • Household income must be at or below 120% of the area median income.
  • Principal loan balance must not be more than $500,000.
  • Property must be the primary and only residence of all borrowers/owners. Homeownership cannot include other investment or vacation properties in Illinois or any other State.
  • Current servicer of the mortgage must agree to accept payments.
  • Applicant(s) must not have been convicted of a mortgage-related felony in the last ten years.

Don’t hesitate to find out if you can benefit from this program as these grants won’t be available forever. Visit KeepYourHomeIllinois to find out more information.

About The Author

Read All Stories By Mitch Levinson

Mitch Levinson is the author of “Internet Marketing: The Key to Increased New Home Sales” published by BuilderBooks. He is an Internet marketing expert with expertise in search engine optimization, website development, email marketing, social media and CRM consulting services. He is known for creating effective programs that can be tracked through analytics to prove effectiveness and ROI. Mitch is founder and president of MLC New Home Marketing and MLC FlatFee Realty, as well as managing partner of mRELEVANCE, LLC, a Marketing, Communication, Interactive agency with offices in Chicago and Atlanta. He currently leads the Chicago team. A Multi-Million Dollar Sales Producer who earned an MBA in Computer Information Systems and eCommerce, he brings a unique perspective and experience to the field of real estate communications. Mitch combines the two interests in order to help home builders and developers gain a competitive advantage through the Internet and technology. When he isn’t behind a computer, he enjoys participating in sports and coaching his kids’ teams. Mitch resides in Arlington Heights, Ill., a northwest suburb of Chicago, with his family, which includes two rambunctious labs. Visit my Google+ profile.

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