I know it's hard to believe, but the state of Illinois may be able to really, truly help you if you're falling behind in your mortgage because you've been hit with unemployment or substantial underemployment.
The Illinois Hardest Hit program provides temporary mortgage assistance to homeowners who have experienced an income reduction due to those conditions.
The program allows homeowners who are eligible to stay in their home while they work to get back on their feet with employment and become financial stable again.
Homeowners who are deemed eligible can receive either:
1. A one-time payment for all of their mortgage arrearage, fees, and penalties, or
2. Help paying 100% of their monthly mortgage payment for as long as 18 months, under certain conditions.
The Illinois Housing Development Authority (IHDA) runs the program using funds from the U.S. Department of Treasury. What are the guidelines?
The home must be located in Illinois
Households must have a documented income reduction of at least 25% due to unemployment or underemployment through no fault of their own and their household income must be at or below 120% of the area's median income.
The loan balance must not be more than $500,000 and household liquid assets cannot exceed $10,000 or $12,500 depending on the Illinois county in which they live.
The home must be the primary and only residence of all borrowers/owners.
The property can be a one to four unit building as long as the borrower lives in one of the units.
You must have a fixed or adjustable rate loan and not an interest-only or negative amortization loan.
The current mortgage holder must agree to accept payments.
The homeowner cannot have been convicted of a mortgage-related felony.
Go directly to the website for the program to start your application. Once you finish the online application, you'll be assigned someone to help guide you through the process and figure out if you're eligible.
Click on www.illinoishardesthit.org to apply for free.
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I help good people buy and sell good homes in St. Louis' Illinois suburbs, with special emphasis on the Metro East communities of Edwardsville, Glen Carbon, Maryville, Collinsville, Troy and surrounding areas in Madison County, Illinois.
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For more information or to search for homes, visit my sites at NancyMilton.com, 618Life.com, or GoshenRealtyGroup.com or send an email to me at Nancy@GoshenRealtyGroup.com. Text or call Nancy Milton Holtzscher, your Edwardsville Realtor, at 618-791-8007 any time.
REMAX Preferred Partners is located at One 157 Center, Edwardsville, IL 62025, 618-791-8007 (direct) 618-655-1188 (office). We're easy to find on IL-157 in Edwardsville between Pasta House Co. and Shenanigans. Each office is independently owned and operated.