Residents can apply for mortgage help through Illinois Hardest Hit program

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CHICAGO - Illinois Housing Development Authority officials, the Cook County Commissioner, and U.S. Senators Mark Kirk and Dick Durbin announced the re-opening of the Illinois Hardest Hit program, beginning August 1.

Officials say the program aims to help families having trouble keeping up with mortgage payments due to a loss of income.  Eligible homeowners can receive up to $35,000 in reinstatement assistance, monthly mortgage payment assistance, or a combination of both.

Monthly Assistance will pay 100 percent of the homeowner's monthly mortgage payments for up to one year, while reinstatement assistance will provide a one-time payment of all fees, penalties, and mortgage arrearage.  All assistance given will be provided as a five-year forgivable loan.

In order to qualify for the program, applicants must have seen income reduction of 15 percent or more caused by a qualifying hardship event that the applicant is not at fault for.  The event must also have happened after January 1, 2010, and after the home was purchased.

Hardship events can include underemployment, unemployment, and loss of income due to death, disability, or divorce.

For more information, or to submit an application, click here.

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