Mortgage refinance program now available to homeowners in Winnebago County

February 16, 2017 by  

Homeowners in Winnebago County, in towns such as Rockford or Loves Park, Illinois, might qualify for up to $50,000 if they are struggling with their mortgage.

The I-Refi program was discussed at a program on February 8, bringing in homeowners and informing them with PowerPoint presentations and banners about how much they can receive and how the program works.

The program is designed to help homeowners pay their mortgage if they owe more money than their house is worth, and to prevent their house from going into foreclosure. Around 22,000 people are dealing with ‘underwater mortgages’, and it is said that this program can help them recover from it.

Tara Pavlik, who works with the Illinois Housing Development Authority, said about the program:

“It literally does sound like it’s too great to be true. There are no catches, there are no tax liabilities on the funds; it’s amazing. And it’s just getting people out. We know that there are quite a few people in this community that do qualify for it. It’s just a matter of getting them out and getting them to apply.”

Those who are using the program are saving an average of $360 a month. For more information about the program. or to make an application, visit the Illinois Housing Development Authority website.