Illinois increasing mortgage assistance funds - Fox 2 News Headlines

Illinois increasing mortgage assistance funds

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CHICAGO (Associated Press) -

Illinois homeowners facing foreclosure may soon be eligible for up to $35,000 in mortgage assistance.

Gov. Pat Quinn announced that beginning April 1 the Illinois Housing Development Authority is increasing the amount eligible households may receive from the Illinois Hardest Hit program. Currently homeowners may receive $25,000.

Quinn's office says the increase will help an additional 500 families keep their homes.

The program is funded through the U.S. Department of the Treasury. Quinn says it has helped more than 7,000 homeowners avoid foreclosure since 2011.

The program provides money to homeowners whose income has been reduced because of unemployment or underemployment. The money may be used toward a monthly mortgage payment or to reinstate a past-due mortgage.

Quinn says the program helps make Illinois' economy stronger.

Copyright 2013 The Associated Press. All rights reserved. This material may not be published, broadcast, rewritten or redistributed.

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