The Illinois Hardest Hit Program offers two types of assistance: Reinstatement Assistance is a one-time payment of all mortgage arrearage, fees, and penalties. Monthly Mortgage Payment Assistance pays 100% of monthly mortgage payments for up to 12 months.
Do you have to pay back Hardest Hit Fund Illinois?
The total amount disbursed by IHDA is forgiven over the 5 year loan term starting from the date you sign the loan agreement. Funds may have to be repaid to IHDA if you sell your home at a profit or refinance during the 5 year loan term.
What is the primary objective of the HFA Hardest Hit Fund?
As part of the Administration's overall strategy for restoring stability to housing markets, HHF provides funding for state HFAs to develop locally-tailored foreclosure prevention solutions in areas that have been hard hit by home price declines and high unemployment.
What states have hardest hit funds?
The states that received funds and set up Hardest Hit Fund programs are Alabama, Arizona, California, Florida, Georgia, Illinois, Indiana, Kentucky, Michigan, Mississippi, Nevada, New Jersey, North Carolina, Ohio, Oregon, Rhode Island, South Carolina, Tennessee, and Washington, D.C.
What is the Florida Hardest Hit Fund?
The federal government has allocated funding to assist eligible Florida homeowners who owe at least 115% more on their home than its current market value, commonly referred to as the home being “underwater.” The Florida Hardest-Hit Fund Principal Reduction (HHF-PR) program will provide up to $50,000 to an eligible ...
Is the mortgage relief program legitimate?
It's not a scam, but it's not a $3,000 stimulus program, and that stinks. The Better Business Bureau says “there is no Congress-approved relief program for mortgage payments for Americans.” Finally, be careful of any offer for government help that takes you to a website that does not end in “dot gov.”
Can I get help to pay my mortgage?
If you're struggling to meet your mortgage repayments, the government could be able to help. You could be able to sign up for the Mortgage Rescue scheme, Support for Mortgage Interest, or other government benefits that might boost your income.
What does Ncsha stand for?
National Council of State Housing AgenciesThe National Council of State Housing Agencies (NCSHA) is a nonprofit, nonpartisan organization created to advance, through advocacy and education, the efforts of the nation's state HFAs and their partners to provide affordable housing to those who need it.
How long do you have to be delinquent on a mortgage in Illinois?
The borrower must not have been more than 6 months delinquent on their mortgage at the time of application intake.
How much of your monthly mortgage payment is required in Illinois?
In addition, the amount of the borrower’s monthly mortgage payment must exceed 31% of their present household income. All homeowners in Illinois must also be able to provide their financial hardship, and they will need to submit a hardship affidavit and provide documentation of income loss in order to be able to receive the loan from ...
When was the hardest hit fund established?
President Obama established the Hardest Hit Fund® in February 2010 to provide targeted aid to families in states hit hard by the economic and housing market downturn.
What is HHF assistance?
Most HHF programs target assistance toward unemployed homeowners and those with homes that are worth less than the value of their mortgages. For more information about the program in a particular state, please check with that state's HFA or see the information here.
Why were states selected for housing funding?
States were selected for funding either because they were struggling with unemployment rates at or above the national average or steep home price declines greater than 20 percent. Each state’s program was designed and is administered by that state’s housing finance agency (HFA).
What is the hardest hit fund?
Hardest Hit Fund ® programs in 18 states and the District of Columbia are designed to provide assistance to struggling homeowners through modification, mortgage payment assistance, and transition assistance programs.
What is HHF program?
FEATURES AND BENEFITS. HHF programs vary state to state, but often include: Mortgage payment assistance for unemployed or underemployed homeowners. Principal reduction to help homeowners get into more affordable mortgages.
Overview of The Illinois Hardest Hit Fund, Known as The Emergency Loan Program
- The program will provide low to moderate income homeowners in Illinois a zero percent interest loan that needs to be used to pay their housing expenses, such as their mortgage, property taxes, insurance, and other expenses. The money can be used by the client of the program for up to 18 months. The total amount of financial assistance provided can ...
Loan Details from The Illinois Homeowner Program
- Borrowers who are found to be qualified may be eligible for a loan of up to $25,000. The loan terms will be in the form of a no interest, deferred payment loan that will be secured by the homeowner’s home and equity with a junior lien. There is therefore collateral required. The length of loan will have a term of ten years, with the principal amount forgiven monthly over the last fiv…
Eligibility
- There are many conditions and criteria that need to be met. They include the following. It is required that all applying homeowners need to be be documented as unemployed, they must be able to provide a reduction in income occurred, or they need to be deemed substantially underemployed due to no fault of their own. All households applying for the Homeowner Emerge…
How to Apply
- You will need to contact a local non-profit housing counselor. However, call the Illinois Housing Development Authority at (312) 836-5200 to learn more about the Homeowner Emergency Loan Program.