Hope Mortgage Assistance in Illinois
Hope Now is an organization that formed alliances with mortgage market participants, such as mortgage companies, investors and counselors, to help people in danger of foreclosure to keep their homes. Hope Now is approved by the Illinois Housing Development Authority.
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Qualifications
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Depending on your gross income, you may be eligible for assistance from Hope Now if the following conditions apply: you bought your home prior to January 2009; the home is your primary residence; and the mortgage is less than $729,750 and you are having trouble paying it, due to loss of income or a significant increase in your mortgage payment.
Considerations
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Hope Now determines your eligibility, but your mortgage company determines if you qualify under any programs offered. Hope Now negotiates on your behalf; contact the organization at 888-995-HOPE to check eligibility.
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Types of Assistance
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There are many Hope Now programs. You may receive a forbearance, a pause in your payments, if you are 90 or more days overdue. Several repayment plans are available, as are loan-modification programs that include extending your mortgage, refinancing it, fixing the ARM interest rate and past-due forgiveness. Interest-free or low-interest second mortgages are available, as well as short-sale assistance and a deed in lieu of foreclosure, typically used if you simply cannot sell your property.
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