New Foreclosure Program Announced in Illinois

The governor of Illinois was proud to announce a new program that is designed to help those families that have been hit the hardest by a tough economy avoid foreclosure.

The program, entitled "The Illinois Hardest Hit", will utilize $345 million in federal monies to aid working families that are either close to or have already been slapped with foreclosure notices. While not just anyone can qualify for the program, those who do will benefit greatly. The program will give eligible homeowners up to $25,000 to pay off their home loans over 18 months. When they have finished taking care of their home loan, the homeowners will then have 10 years to pay back the federal loan.

Unlike other programs, whatever amount is remaining after the 18 months will be forgiven by the U.S. Department of Treasury. As long as the homeowner is diligent about making payments during the 18 months, whatever amount remains on their home loans will be dissolved.

If you have questions about this new program, contact a Chicago foreclosure attorney from our law firm today. Our Chicago bankruptcy attorneys are ready and willing to address your questions so you can remain in possession of your family's home.