BMO Harris Bank announced a partnership with the Illinois Housing Development Authority (IDHA) to assist homeowners who owe more on their mortgages than the value of their home through IHDA’s I-Refi Program.
The I-Refi Program provides homeowners who owe more on their mortgages than the appraised value of their home. The program offers up to $50,000 in assistance to reduce the balance on their mortgage and refinance into a more affordable loan.
BMO Harris Bank will conduct informational events with IDHA throughout Illinois to educate the public on eligibility requirements and submitting an application. The I-Refi Program is free to those who qualify.
“We want to encourage our customers who owe more on their mortgage than what their home is worth to speak with one of our BMO Harris Mortgage Bankers to learn more about this program,” Alexandra Dousmanis-Curtis, BMO Harris Bank group head, U.S. Retail and Business Banking, said.
“We are pleased to participate in this program, which will benefit families and individuals across Illinois” she said.
The I-Refi program is designed to curb foreclosures and revitalize struggling communities, IHDA Executive Director Audra Hamernik said.
“Even though the housing market is gaining strength nationwide, there are still families across Illinois struggling. There is no comparable program like it and we encourage underwater homeowners to reach out and apply,” Hamernik said.
There are currently 10 educational sessions, free of charge, planned between now and Feb. 15 throughout the state. Visit IHDA’s website for more information.