The Illinois Housing Development Authority to Expand Help for Homeowners

Illinois is known to have a foreclosure rate that is above the national average along with Utah, Colorado, Idaho, and Georgia. The number of foreclosure filings in the state has drastically increased since the beginning of the mortgage crisis in 2007 and this lead to the Illinois Governor Pat Quinn signing a new bill called the Homeowner Protection Act. It provides additional time for homeowners to settle their accounts with their mortgage lenders or servicers so that they can afford the monthly mortgage payment and consequently reduce the number of foreclosure filings in the area. Another strategy in improving the housing market in Illinois is by providing help for homeowners who are in the brink of losing their properties.

Programs such as the HOME and mortgage modification plans expand the help for homeowners by increasing the number of decent and affordable housing for homeowners and renters especially for families with low to moderate monthly income. The Illinois Housing Development Authority was handpicked by the governor of the state to run the National Affordable Housing Act of 1990 or HOME Program. It aims to strengthen the affordable housing strategies in the state by developing a broader partnership with the different organizations in the region including the government agencies, non-profit, and for profit firms. Three most notable foreclosure prevention plan initiated by the IHDA through the HOME program are the following:

* Purchase assistance for new homebuyers
* Rehabilitation of houses and small rental properties
* Combination of housing help depending on the borrower's housing needs.

The Home Modification program on the other hand is a concerted effort of the IHDA, the Illinois Department of Human Services, and Department on Aging. The budget from the Authority coming from the Housing Trust Fund will be used to help income-eligible elderly or disabled citizens of Illinois afford their mortgages, it will greatly reduce the number of institutionalized people in the state thus creating a more viable living environment for them.

If you are a renter in need of financial assistance, you may apply for The Illinois Rental Housing Support program which aims to assist an estimated 5,000 households each year by providing subsidies to low income families across the state. The program was set up with the recommendation of the Governor's Housing Task force with the approval and assistance of Senator Iris Martinez and Representative Julie Hamos.

There are other types of help for homeowners available for the citizens of Illinois. Contact the Illinois Housing Development Authority for more information about the different mortgage help or send your application to the official website of IHDA at www.ihda.org. See links to download the application form or find foreclosure resources available in your state on the site mentioned above.

Angie Andrews assists homeowners in trouble on her blog that specifically addresses loan modification. Take control of your own finances, discover options to modify your loan and save your home. There are government sponsored options available and you can get all the information you badly need in Allmand & Lee's Loan Modification Blog.

The blog is Angie's way of providing free information about the many unknown programs available to homeowners in trouble. Her years of experience an insight help those in trouble to fully understand the loan modification process. For more specific details about mortgage assistance, federal loan modification and loan modification attorneys see Angela's blog and find out the Secrets About Loan Mods today.

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