Illinois Mortgage and Foreclosure Help

Illinois Housing Assistance Pool

This mortgage assistance program was started by several banks and lenders who operate in Illinois. The companies have committed to help homeowners who may be behind on their mortgage, and to help homeowners who have a sub prime loan or another mortgage that will reset to a substantially higher interest rate that they can’t afford.

Illinois families who ask for mortgage help from this plan can refinance their current mortgage into a 30-year fixed-rate mortgage with lower payments and that should be easier to pay. There are some conditions to receive this foreclosure help from Illinois.

• The maximum mortgage provided needs to be less than $420,000, which can cover at most 100% of the home’s value.
• Families who apply need to agree to mortgage and financial counseling.
• Potential borrowers need to have a minimum credit score of 580.

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