Unemployed homeowners in Illinois, 16 other states and Washington, D.C. will be the beneficiaries of a $2 billion Treasury Dept. Hardest Hit Fund, according to the Chicago Tribune. Illinois will receive $166.4 million of the funds, which are intended to help unemployed homeowners struggling to pay the mortgage avoid foreclosure.
Illinois, along with the other states, was selected for the program because its unemployment rate is higher than the already high national average of roughly 9.5 percent. Illinois' jobless rate was 10.4 percent in June.
Many of those struggling to make ends meet have exhausted their unemployment insurance benefits. If you have questions about UI benefits or need to dispute a denial of benefits, you may benefit from calling a Chicago employment lawyer.
But if you're facing foreclosure and have no income, or at least very little, the new fund will temporarily help you keep a roof over your head while you search for work or retrain for a new career.
Also, the Obama administration recently announced the creation of a $1 billion Emergency Homeowners Loan Program. It would provide two years of financial aid to homeowners at risk of foreclosure due to layoffs, underemployment or unforeseen medical debts.
The administration is hoping to slow the pace of foreclosures, which threatens to send the entire economy back into another recession, according to Bloomberg News. Foreclosure rates in Illinois and three other states rose in the second quarter as compared to the same period last year, ranking among the 10 highest in the country.
The Chicago area lost 76,000 jobs in the first six months of the year, according to figures cited from the US Bureau of Labor Statistics, the most of any metropolitan area tracked by the BLS.
Related Resources:
- Preparing for an Unemployment Hearing (FindLaw)
- Consult with an Illinois Employment Lawyer (FindLaw)
- Unemployment Extension Approved by Congress (FindLaw's Law & Daily Life Blog)
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