Our housing counselors work with homeowners in distress to sort through the complicated foreclosure process and develop an action plan for the homeowner. If possible, our counselors will work with loan servicers to negotiate favorable repayment terms in order to save the home from foreclosure.
Illinois Hardest Hit Program (HHF)
On April 20, 2016, the Illinois Housing Development Authority (IHDA), who administers the Illinois Hardest Hit program, announced it has secured $269,474,060 in additional funding from the U.S. Department of the Treasury to continue to help struggling homeowners avoid foreclosure and stabilize communities.
See press release.
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. The assistance allows eligible households to avoid foreclosure while they work to regain employment and financial stability.
Making Home Affordable
The Making Home Affordable Program (MHA) ® is a Federal program to help homeowners avoid foreclosure, stabilize the country’s housing market, and improve the nation’s economy.
Eligible homeowners can lower their monthly mortgage payments and get into more stable loans at today’s low rates. And for those homeowners for whom ownership is no longer affordable or desirable, the program can provide a way out which avoids foreclosure. Additionally, in an effort to be responsive to the needs of today’s homeowners, there are also options for unemployed homeowners and homeowners who owe more than their homes are worth.
The SUN (Stabilizing Urban Neighborhoods) Initiative helps homeowners facing eviction or foreclosure repurchase their homes with mortgages they can afford. The SUN Initiative has helped over 500 families in Maryland, Massachusetts and Rhode Island, and is now available in Illinois. While the SUN program will not work for every household facing foreclosure, the program is another option for counselors to share with their clients.
To learn more visit http://www.bostoncommunitycapital.org/foreclosure-relief or call NCDC at 773-262-2290
Illinois Foreclosure Prevention Network
Northside Community Development Corporation is a proud member of the Illinois Foreclosure Prevention Network, a service to Illinois residents to bring together the services and resources of various state agencies and qualified participating non-profit agencies to guide you through the process of weighing your options that could help you stay in your home
The Illinois Foreclosure Prevention Network includes housing counseling agencies and other organizations that are helping thousands of Illinoisans keep their homes