Illinois to Receive $279 Million to Help Struggling Mortgage Holders
The Obama Administration approved the State’s proposal to help low and moderate income families stay in their homes. The $279 million dollar project is known as Hardest Hit Fund’s Homeowner Emergency Loan Program, or HHF HELP. I am very excited to hear about this as I believe action is needed in many places around the country. If you want to improve the quality of the housing economy, decreasing the foreclosure flood is a must.
A Illinois Hardest Hit Fund press release from Governor Pat Quinn talks about the new program, saying that:
“HHF HELP aims to reduce the number of mortgage delinquencies and avoidable foreclosures caused by unemployment and underemployment and to preserve homeownership for Illinois’ moderate and low income families. As the HHF HELP program is under development, IHDA is not currently accepting any applications, but anticipates opening the application period during spring/summer of 2011.”
The release also contains contact info for both HUD Certified and Foreclosure counseling services listed by area. Even though the program is not currently available just yet, it is important that you contact one of these service providers now. The longer you wait, the longer the line will be when it comes time to apply.
Thanks to the Obama Administration as well as the state of Illinois for putting forward the HHF HELP program. It won’t be until next summer that we find out if the results of this funding will match the expectations.