Illinois Housing Development Authority announces federal assistance programs to help homeowners with Underwater Mortgages. Both programs are Federally funded, though current funding levels will only ensure availability for the next 12-18 months.
HHF HELP The Illinois Hardest Hit Fund® program provides mortgage assistance to homeowners who have experienced at least a 15 percent income reduction due to a qualifying hardship event and who meet the eligibility criteria.
For so called “hardest hit” individuals, must be behind on their mortgage and have seen an income reduction of 15% or more (cannot be a reduction due termination for cause)
Households are eligible for up to $35,000 free of charge