Categorized | Commercial

Illinois Mortgage Fund Helps Struggling Homeowners

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For homeowners that are having a hard time paying their mortgage on time, there may be some relief available to you. The state of Illinois has roughly three hundred million dollars lined up in a program called Illinois Hardest Hit, which is designed to assist those at serious risk of foreclosure due to a job loss or sudden drop in income. The money stems from a federal program that has the same purpose.

Homeowners on the brink of foreclosure are eligible for a special free grant that will help them catch up on their mortgage payment. The program will pay up to twenty-five thousand dollars for up to eighteen months in order to prevent anybody from losing their home. That means that even after the program has helped embattled homeowners to pay their delinquent payments, but also the monthly amount owed for many months thereafter.

Illinois has been in deep need of a program like Hardest Hit. The state has one of the worst foreclosure rates, with an astounding 5.3% of all mortgage homes having been foreclosed. Banks in Chicago own nearly one hundred thousand homes. As such, prices have plummeted in the city.

There have been programs similar to Hardest Hit in the last eight years, though none have been particularly successful due to the number of hoops that homeowners had to jump through to secure even the slightest amount of help.

Chicago officials and economists have hope that Illinois Hardest Hit will help to turn around the mortgage crisis in the Windy City.

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About Drew Wilson

Drew focuses on the Commercial and Mortgage/Finance categories.

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