Filed underLinks & Numbers
It sounds too good to be true, but homeowners struggling with their mortgages could get up to $25,000 in mortgage help through a $345 million federally funded program that will be unveiled by the state of Illinois on Thursday.
The “Hardest Hit Fund,” would provide the only relief of its kind for up to 15,000 struggling homeowners who have been rejected by other assistance programs. It’s aimed at Illinois residents whose income has dropped by at least 25 percent. It would provide a 10-year forgivable loan to help them catch up on overdue mortgages.
If all criteria are met, homeowners do not have to repay the loan.