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
• Bullet points can be found here: http://www.illinoishardesthit.org/spv-7.aspx
  
  

HHF I-REFI
The I-Refi program is designed to help homeowners who are current on their mortgage payments but owe more than their home is worth.

• For households underwater on their mortgage, though must be current for the last 12 months
• Refinance through an approved lender
• Up to $50,000 in assistance, though average is $38,000
• Still eligible if a previous recipient of HHF assistance (HHF HELP, for example)
• Good info can be found here: https://www.ihda.org/my-home/irefi/