FREE MONEY TO AID IL HOMEOWNERS

imagesCAPJT3U4 Illinois is receiving $345 million in Federal Funds to assist struggling homeonwers who are either unemployed or underemployed and not able to pay their mortgage.

Eligibility to the program is expected to help up to 15,000 families who have been rejected by other assistance programs.

Illinois residents whose income has fallen  at least 25% or are currently unemployed can seek up to $25,000 in mortgage help.

The purpose of the program is to give temporary relief to homeowners who have fallen behind in their mortgage payments. 

Program Highlights:

  • For Illinois residents whose incomes have fallen 25% or are temporarily unemployed.
  • Provides up to a maximum of $25,000 to bring delinquent loans current and keep them current for up to 18 months.
  • This loan is for 10 years and may be forgiven if homeowner meets all program criteria.
  • Homeowner must participate in making payments of 31% of income toward their mortgage.
  • If unemployed the program will pay 100% of the mortgage until homeowner gets a job.

For more details on this program please contact your local Illinois Housing Development (HUD or CEDA) offices. The program is a FREE PROGRAM. http://www.ihda.org/

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