Are you Struggling to make your mortgage payments? Have you had at least a 20% reduction in your income? Are you unemployed & struggling to pay your mortgage? Are you facing foreclosure? Are You Ready to buy your first home?
Services We Offer:
Illinois Hardest Hit Program
Kingdom Community, Inc.is a participating agency with the Illinois Housing Development Authority's (IHDA) Hardest Hit Program. This program offer temporary mortgage payment assistance to homeowners that suffered income loss due to unemployment or underemployment.
The Illinois Hardest Hit Program offers two types of assistance:
As of July 1st of 2013 Kingdom Community, Inc. has counseled and funded over 100 borrowers and $ 1,062,298.69 in assistance has been provided on behalf of those borrowers.
Foreclosure prevention counseling is available free of charge through our Housing Counseling Program. Kingdom Community Inc. assists with the Home Affordable Modification Program (HAMP) which is designed to help financially struggling homeowners avoid foreclosure by modifying loans to a level that is affordable for borrowers now and sustainable over the long term. The program provides clear and consistent loan modification guidelines that the entire mortgage industry can use. The Home Affordable Modification Program includes incentives for borrowers, servicers and investors.
The Obama Administration has implemented this programs to assist homeowners who are at risk of foreclosure and otherwise struggling with their monthly mortgage payments. The majority of these programs are administered through the U.S. Treasury Department and HUD. The Making Home Affordable © (MHA) Program is a critical part of the Obama Administration's broad strategy to help homeowners avoid foreclosure, stabilize the country's housing market, and improve the nation's economy.
Homeowners can lower their monthly mortgage payments and get into more stable loans at today's low rates. And for those homeowners for whom homeownership is no longer affordable or desirable, the program can provide a way out which avoids foreclosure. Additionally, in an effort to be responsive to the needs of today's homeowners, there are also options for unemployed homeowners and homeowners who owe more than their homes are worth. Please read the following program summaries to determine which program options may be best suited for your particular circumstances.
Distressed homeowners are encouraged to contact their lenders and loan servicers directly and to inquire about foreclosure prevention options that are available but if they are experiencing difficulty communicating with your mortgage lender or servicer about your need for mortgage relief Kingdom Community can assist with the process free of charge.
Modify or Refinance Your Loan for Lower Payments
Home Affordable Modification Program (HAMP): HAMP lowers your monthly mortgage payment to 31 percent of your verified monthly gross (pre-tax) income to make your payments more affordable. The typical HAMP modification results in a 40 percent drop in a monthly mortgage payment. Eighteen percent of HAMP homeowners reduce their payments by $1,000 or more.
Principal Reduction Alternative (PRA): PRA was designed to help homeowners whose homes are worth significantly less than they owe by encouraging servicers and investors to reduce the amount you owe on your home.
Second Lien Modification Program (2MP): If your first mortgage was permanently modified under HAMP SM and you have a second mortgage on the same property, you may be eligible for a modification or principal reduction on your second mortgage under 2MP. Likewise, If you have a home equity loan, HELOC, or some other second lien that is making it difficult for you to keep up with your mortgage payments, learn more about this MHA program.
Home Affordable Refinance Program (HARP): If you are current on your mortgage and have been unable to obtain a traditional refinance because the value of your home has declined, you may be eligible to refinance through HARP. HARP is designed to help you refinance into a new affordable, more stable mortgage.
Cook County Mediation Workshops
The Circuit Court of Cook County launched the Cook County Mortgage Foreclosure Mediation Program, which will provide free housing counseling and legal services to Cook County homeowners and families in foreclosure. The program is aimed at helping homeowners resolve their mortgage cases in the most timely and respectful manner possible. “The Circuit Court established the Cook County Mortgage Foreclosure Mediation Program in response to the recent economic recession and related mortgage crisis to help families in foreclosure throughout Cook County.
The program’s goal is to deliver critical services to homeowners as early as possible once the foreclosure process begins. In this way, homeowners in crisis are assured of receiving the support and information they need to explore fully their options either to stay in their homes or to negotiate a respectable exit.” Together, the Circuit Court and partner organizations, including the Illinois Housing Development Authority, The Chicago Bar Foundation and The Chicago Community Trust, are working with attorneys and mediators from the Center for Conflict Resolution, the Chicago Legal Clinic and Chicago Volunteer Legal Services to provide access to free assistance to homeowners who have received a summons to appear in court.
In order to participate in the mediation program, homeowners must:
Homeowners who have received a summons can call a toll-free help line (877.895.2444, or 312.836.5222TDD) to schedule a free meeting with a housing counselor – the first step in the mediation process. After meeting with a housing counselor, homeowners will have the opportunity to meet with an on-site attorney to discuss the housing counselor’s recommendations and prepare for a court date that will determine whether the foreclosure case can be mediated with the lender. Homeowners who are concerned about their mortgages, but who have not received a summons from the court and are not currently in foreclosure, should consult www.CookCountyForeclosureHelp.org for a list of available resources.
Pre-Purchase Counseling & Pre-Purchase Workshops
Owning a home is a big part of the American Dream. Here are some resources that can help you buy, maintain and keep your home. If you want advice on buying a home which includes dealing with credit issues or reverse mortgages, Kingdom Community can assist with;
We offer a fist time home buying class and one on one comprehensive counseling to help you qualify for a home purchase.