Illinois Scores $279 Million in Mortgage Relief

By Prescott Carlson in News on Oct 2, 2010 9:00PM

More good news for Illinois homeowners struggling to make payments on their mortgage. Not only are some banks stalling foreclosure proceedings, the state has also received $279 million in federal funds targeted at helping out low/moderate income families having trouble keeping up with their house payments. The money is intended as a stop gap measure until those homeowners can right their financial ships. The money for the program, dubbed the Hardest Hit Fund and spread out over 18 states, comes from the Troubled Asset Relief Program (TARP), which was signed into law by former President Bush in 2008. The current relief is on top of $166 million already received this past August.