It was a pleasure speaking to you about the Illinois Hardest Hit Program. This program is in the process of winding down, but if your customer submitted an application before the program deadline (September 30), he or she may be able to receive some financial assistance from the program.
The Illinois Housing Development Authority (IHDA) runs the Hardest Hit Program, and I’ve attached the slides from a presentation they prepared for servicers considering participation in the program. (Information on Servicer Participation starts on slide 16.) The program requires servicers to enter into servicer agreements so that IHDA can send any monetary assistance directly to the servicer (rather than through the borrower). However, the agreements impose other servicer responsibilities. Some of those are listed in the presentation slides, though there are likely even more responsibilities set out in the servicer agreements:
- Agreeing not to foreclose on the property after IHDA approves the borrower for assistance
- Documenting reasons for any denials
- Waiving late charges and NSF fees
- Providing loan performance data
- Notifying the Hardest Hit Program of any payment changes
To start the application process, send an email to [email protected]. We also recommend contacting the program manager with any questions: Tim Ryan, (312) 338-0552, [email protected]. Another person who worked with the IBA to publicize the program was Leslie Cain, (312) 836-7409, [email protected].