Sage-Tips

Do you have to pay back Hardest Hit Fund?

Do you have to repay HHF assistance? You’ll want to get program specifics for your state, but you likely will not have to repay assistance you receive from a Hardest Hit Fund. Some applicants will receive a forgivable loan, which means you won’t owe on the principal or interest unless you sell the house for a profit.

What is the Illinois Hardest Hit Program?

Overview of the Illinois Hardest Hit Fund, known as the Emergency Loan Program. The program will provide low to moderate income homeowners in Illinois a zero percent interest loan that needs to be used to pay their housing expenses, such as their mortgage, property taxes, insurance, and other expenses.

What is Hardest Hit funds Program?

President Obama established the Hardest Hit Fund® in February 2010 to provide targeted aid to families in states hit hard by the economic and housing market downturn. Hardest Hit Fund programs vary state to state, but may include the following: Mortgage payment assistance for unemployed or underemployed homeowners.

How can I stop foreclosure in Illinois?

A few potential ways to stop a foreclosure include reinstating the loan, redeeming the property before the sale (or for a short period after the sale, in some cases), or filing for bankruptcy. Of course, if you’re able to work out a loss mitigation option, like a loan modification, that will also stop a foreclosure.

Are Hardest Hit funds Still Available?

Are Hardest Hit Fund Programs Still Open? Individual Hardest Hit Fund programs are likely to end as soon as their funds run out. Most have already shuttered. So, if you think you could qualify for a particular type of assistance through a specific program, you should submit an application immediately.

Do you have to pay back Hardest Hit Fund Illinois?

HHF assistance disbursed by IHDA is given as a 5 year forgivable loan. The total amount disbursed by IHDA is forgiven over the 5 year loan term starting from the date you sign the loan agreement. Funds may have to be repaid to IHDA if you sell your home at a profit or refinance during the 5 year loan term.

How can I save my house from foreclosure in Illinois?

Additional Resources

1. Read tips for avoiding foreclosure here.
2. File a complaint against your lender with the Consumer Financial Protection Bureau.
3. File a complaint against your lender with the Illinois Department of Financial and Professional Regulation.
4. Seek free or low-cost legal aid.

How long is foreclosure in Illinois?

approximately 12-15 months
In Illinois, it can take approximately 12-15 months for a foreclosure to be completed. Call your lender or a HUD-certified counseling agency as soon as you can. You miss your second payment.

Is Illinois a recourse state for foreclosure?

Illinois is a recourse state. That means mortgage companies have recourse; they can recover the deficiency from the homeowner, even after the house is lost to foreclosure sale. But, in those states, generally mortgage companies can’t go after the homeowner should a sale result in a deficiency (non-recourse states).

What is a HHF loan?

HHF monies – a pilot program for seniors with reverse mortgages who experienced eligible. hardships which caused them to fall behind on essential property-related payments such as. property taxes and homeowner’s insurance.

Is the Hardest Hit Fund still available?

No, the mortgage relief program is now closed and not accepting any new applications. In an effort to support District residents during the coronavirus pandemic, the District of Columbia Housing Finance Agency (DCHFA) still offers some programs.

What is the hardest hit Fund program?

Program goal. The federal government created the Hardest Hit Fund (HHF) to help homeowners in states that have been affected the most by recent housing and economic downturns. The Hardest Hit Fund includes multiple programs developed for homeowners faced with different types of financial hardship.

What is the hardest hit program?

Mortgage payment assistance for unemployed or underemployed homeowners

Principal reduction to help homeowners get into more affordable mortgages

Help for homeowners who are transitioning out of their homes and into more affordable places of residence

Blight elimination and down payment assistance efforts

What is a hit program?

About the HIT Program. This program is an Associate of Applied Science degree program designed to lead to employment in a variety of healthcare settings. Employment opportunities for HIT graduates include: hospitals, office-based physician practices and nursing homes.