Cook County Launches $20 Million Suburban Mortgage Assistance Program

According to the Chicago Tribune, Homeowners in suburban Cook County can apply for mortgage assistance starting Friday as part of another coronavirus recovery program funded by CARES Act money, but uncertainty remains on when more federal relief is coming.

The $20 million program will dole out payments of up to $10,000 directly to mortgage collectors, giving homeowners reprieve for one to three months on overdue or future payments, Cook County Board President Toni Preckwinkle announced at a Thursday news conference. The fund is estimated to help between 2,500 and 3,000 homeowners, with an average of about $7,800 per individual.

Eligibility Requirements:

  • Homeowner in suburban Cook County

  • Have a COVID-19 related financial hardship

  • Income at or below $127,400 before and after the COVID-19 related financial hardship

  • Mortgage arrearage that occurred after March 27, 2020

  • Cannot have accepted any other CARES Act emergency mortgage assistance funding, such as IHDA mortgage relief

Applications close October 16, 2020.

Learn more at: https://www.cookcountyil.gov/service/covid-19-recovery-mortgage-assistance-program

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