Time is running out for two federal programs designed to help homeowners who are facing foreclosure. The programs have already helped thousands of families in the Chicago area modify or refinance their mortgages, but the relief is scheduled to expire December 31.
Consumers who qualify for the government’s Home Affordable Modification Program (HAMP) and Home Affordable Refinance Program (HARP) could save hundreds of dollars each month. Both programs were created during the height of the country’s foreclosure crisis.
According to Neighborhood Housing Services of Chicago (NHS), a non-profit counseling organization that works with businesses, government and residents to revitalize Chicago’s low-to-moderate-income neighborhoods, 27,639 Chicago-area homeowners are eligible for the programs.
“It’s important that homeowners not delay in seeking assistance through these federal programs,” said Karen Woods, director of homeownership services for NHS.
Theresa Raborn of Midlothian said she will be certainly looking into options like NHS as she fights to save her home, which also serves as a homeschool for her three daughters.