On April 20, 2016, the Illinois Housing Development Authority (IHDA), who administers the Illinois Hardest Hit program, announced it has secured $269,474,060 in additional funding from the U.S. Department of the Treasury to continue to help struggling homeowners avoid foreclosure and stabilize communities.
See press release.
The Illinois Hardest Hit Fund® program provides mortgage assistance to homeowners who have experienced at least a 15 percent income reduction due to a qualifying hardship event and who meet the eligibility criteria. The assistance allows eligible households to avoid foreclosure while they work to regain employment and financial stability.
What is a qualifying hardship event?
Applicants must have experienced a reduction in income due to a qualifying hardship event that was through no fault of their own. Hardship must have occurred after January 1st, 2010 and after property purchase date. Qualifying hardships include:
What are the eligibility criteria?
The Illinois Hardest Hit Program offers two types of assistance:
1. Reinstatement Assistance (RA) is a one-time payment of all mortgage arrearage, fees, and penalties.
2. Monthly Mortgage Payment Assistance (MPA) pays 100 percent of monthly mortgage payments for up to 12 months.
*HHF assistance is provided as a 5 year forgivable loan recorded on the property. This assistance is forgiven over the 5 year loan term. All borrowers approved for the program will complete a full set of loan documents. Funds may have to be repaid to IHDA if you sell your home at a profit or refinance during the 5 year loan term.
How much assistance can my household receive?
The total amount of assistance that is available to eligible households is up to $35,000. Payments are made directly to your servicer.
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