Illinois Governor announces state mortgage assistance program

Illinois Governor Pat Quinn recently announced a program that aims to help 15,000 homeowners in the state who are facing foreclosure. The Illinois Hardest Hit Program will distribute $345 million in federal funds to struggling homeowners unable to make their monthly mortgage payments due to unemployment or under-employment.

Through the program, eligible homeowners can receive up to $25,000 over 18 months in the form of a 10-year loan to aid with mortgage payments and other associated fees. In the last five years of the term, the loan is forgiven and carries zero interest. Governor Quinn said when a home is foreclosed, everyone suffers.

"The Illinois Hardest Hit Program will help keep families in their homes, help them regain economic stability and keep our communities strong," Quinn said.

In an interview with the Chicago Tribune, Mary Kenney, executive director of the Illinois Housing Development Authority, said the hardest hit funds, which are being implemented in 17 other states across the nation and in Washington, D.C., will provide absolute relief for qualified homeowners. Mortgages will be made current with the missed payments and fees added on.

According to Kenney, Illinois is the last of the 18 states to launch its program, but because of the amount of infrastructure needed for the program to succeed, many others states were not properly prepared to use the funds.

"It's a program that, frankly, is unlike anything this agency has undertaken," Kenned told the news source. "A lot of states launched without carefully setting up that infrastructure."

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