MONEY14Program helps homeowners with mortgage payments

 

This is a cinewsnow.com article.

By WEEK Reporter

 

CENTRAL ILLINOIS — A new program will help some Illinois homeowners who are underwater on their mortgages to refinance and reduce the amount of money they owe.

The Illinois Housing Development Authority says the help is needed because some neighborhoods haven’t recovered from the 2008 housing crisis.

The program provides up to $50,000 in federal funds to erase a homeowner’s negative equity.

They can then refinance into a more affordable 30-year fixed rate mortgage.

To be eligible, people must meet a certain income requirement and owe more on their home than its market value.

The program will begin August 1.

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