Illinois to get $445 Million to Help Homeowners Avoid Foreclosure

October 02, 2010

There is new help on the way for out-of-work Chicago homeowners.

Governor Pat Quinn announced that Illinois’ state housing finance agency, the Illinois Housing Development Authority (IHDA), will receive $279.3 million in funds from the Obama Administration to help homeowners who can’t make their mortgage payments because they are unemployed.

Save your Illinois Home from ForeclosureThe program, called the Hardest Hit Fund’s Homeowner Emergency Loan Program (HHF HELP), will help unemployed homeowners throughout the state by providing temporary mortgage payment assistance while they search for sufficient income to cover their payments.

In August, Illinois was to receive at least $166.4 million in aid from the government’s Hardest Hit Fund program. Add in these new funds, and Illinois should get a total of $445 million to help its struggling homeowners avoid foreclosure.

“I thank the Obama Administration for expanding the Hardest Hit Fund initiative, which will serve as a critical resource in our state’s economic recovery,” said Governor Pat Quinn. “With this additional federal support, more struggling Illinois homeowners will have a greater opportunity to keep their homes as they continue their job search.”

The Illinois program is still being developed, and IHDA expects to open the application process next spring.

To find out about foreclosure-prevention help you can get now, visit www.ihda.org or stay tuned to Chicagoland Real Estate Forum for details on all area foreclosure-prevention workshops.

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