Visit www.illinoishardesthit.org to view information on the Illinois Hardest Hit Program which offers mortgage payment assistance to borrowers who have experienced unemployment or underemployment due to no fault of their own. The program aims to reduce the number of foreclosures caused specifically by a substantial loss of income. The assistance allows eligible households to maintain their home while they work to regain employment and financial stability.
The Illinois Hardest Hit Program offers two types of assistance:
1. Reinstatement assistace to pay mortgage arrearages, fees, and penalties in full.
2. Monthly mortgage payment assistance to pay 100% of the mortgage payment owed to the servicer for up to 18 months while the household makes monthly contribution payments to the Illinois Housing Development Authority during their enrollment in the program. Maximum assistance is $25,000 depending on location.
Visit www.makinghomeaffordable.gov, which is the federal government's website that contains information about mortgage refinancing and modification programs. The site includes a self-assessment tool to help you determine if you will qualify for these programs, as well as information on how to find out if your loan is owned by Freddie Mac or Fannie Mae. Beware of other similarly named websites - the above address is the official website for this program.
The Making Home Affordable Program offers the following assistance:
1. Lower Your Payments:
2. Get Help If Unemployed:
3. Get Help With Fallen Home Value: In today's housing market, many homeowners have experienced a decrease in their home's value. Learn about these MHA programs to address this concern for homeowners.
4. Lower Your Rates: If you are interested in taking advantage of today's historically-low mortgage-interest rates, MHA offers refinance programs to help families get into more affordable and more stable fixed-rate mortgages.
5. Get Help With A Second Mortgage: If you have a home equity loan, HELOC, or some other second lien that is making it difficult for you to keep up with your mortgage payments, learn more about these MHA programs.
6. Exit Gracefully: If homeownership is no longer affordable or the weight of homeownership has become too much to bear, MHA has a program that allows you to exit gracefully from the property with $3,000 in relocation assistance.
The DuPage Homeownership Center (www.dhoc.org) offers a number of resources to homeowners that are concerned about foreclosure. Click here for a copy of their flyer entitled Worried About Making Your Monthly Mortgage Payments? The flyer contains information on the foreclosure process, the counseling process at DHOC, and the options that may be available to you in avoiding foreclosure.
Foreclosure Prevention Counseling and Reverse Mortgage Counseling
1333 N. Main Street
Wheaton, IL 60187 (630) 260-2500
Get in contact with the Attorney General s office at www.illinoisattorneygeneral.gov or at the Homeowner s Helpline at 1-866-544-7151 from 8:00 a.m. to 7:00 p.m. Monday through Thursday and 8:00 a.m. to 5:00 p.m. Friday. Click here for helpful hints on avoiding home foreclosure "rescue scams."
Foreclosure Prevention Counseling
32 S. Broadway
Aurora, IL 60505
(630) 906-9400
Community Service Council of Northern Will County
Foreclosure Prevention Counseling and Reverse Mortgage Counseling
719 Parkwood Drive
Romeoville, IL 60446
(815) 886-5000 or (630) 759-9494
www.thecsc.org