(20 ILCS 3807/15)
(Section scheduled to be repealed on January 1, 2011)
Sec. 15.
Eligibility for assistance.
(a) No assistance may be given to a homeowner pursuant to this Act unless:
(1) The property securing the mortgage is the
| homeowner's primary residence. | |
(2) The homeowner is a resident of this State and his |
| or her property is being foreclosed due to failure to make mortgage payments. | |
(3) The lender agrees to halt foreclosure proceedings |
| upon written notification by the Authority that a homeowner has been approved for assistance. | |
(4) The homeowner's household income is less than |
| 120% of area median income determined by the U.S. Department of Housing and Urban Development. | |
(5) The mortgage lender agrees to renegotiate in good |
| faith the terms of the mortgage being foreclosed upon written notification that the homeowner has been approved by the Authority. | |
(6) The homeowner has attended a counseling session |
| that was provided by a HUD‑certified housing counseling agency. | |
(7) The borrower is a resident of this State.
(8) The homeowner agrees to defend and indemnify and |
| hold harmless the Authority from and against any and all damages arising out of the Authority's payment on behalf of the borrower. | |
(9) The lender agrees to defend and indemnify and |
| hold harmless the Authority from and against any and all damages arising out of the Authority's payment on behalf of the borrower. | |
(b) Upon a determination that the conditions of eligibility described in this Act have been met, and funds for assistance are available, the homeowner shall become eligible for the assistance described in Section 20 of this Act.
(Source: P.A. 96‑921, eff. 6‑10‑10.) |
(20 ILCS 3807/15)
(Section scheduled to be repealed on January 1, 2011)
Sec. 15.
Eligibility for assistance.
(a) No assistance may be given to a homeowner pursuant to this Act unless:
(1) The property securing the mortgage is the
| homeowner's primary residence. | |
(2) The homeowner is a resident of this State and his |
| or her property is being foreclosed due to failure to make mortgage payments. | |
(3) The lender agrees to halt foreclosure proceedings |
| upon written notification by the Authority that a homeowner has been approved for assistance. | |
(4) The homeowner's household income is less than |
| 120% of area median income determined by the U.S. Department of Housing and Urban Development. | |
(5) The mortgage lender agrees to renegotiate in good |
| faith the terms of the mortgage being foreclosed upon written notification that the homeowner has been approved by the Authority. | |
(6) The homeowner has attended a counseling session |
| that was provided by a HUD‑certified housing counseling agency. | |
(7) The borrower is a resident of this State.
(8) The homeowner agrees to defend and indemnify and |
| hold harmless the Authority from and against any and all damages arising out of the Authority's payment on behalf of the borrower. | |
(9) The lender agrees to defend and indemnify and |
| hold harmless the Authority from and against any and all damages arising out of the Authority's payment on behalf of the borrower. | |
(b) Upon a determination that the conditions of eligibility described in this Act have been met, and funds for assistance are available, the homeowner shall become eligible for the assistance described in Section 20 of this Act.
(Source: P.A. 96‑921, eff. 6‑10‑10.) |