City of Rockford, BMO Harris Bank and the Illinois Housing Development Authority Partner to Help Underwater Homeowners

ROCKFORD - The Illinois Housing Development Authority ("IHDA"), BMO Harris Bank and Mayor Tom McNamara today announced that Rockford-area Homeowners who are underwater on their mortgages may be eligible to receive up to $50,000 through the State of Illinois' I-Refi program. Available to homeowners who owe more on their mortgage than their home is worth, the program will allow eligible homeowners to reduce what they owe on their mortgage and refinance into a new affordable loan based on the current appraised value of the home. Homeowners who think they may be eligible are encouraged to attend an information event on Wednesday, April 25 to learn more about the program and apply.
 
"We believe this program can make a difference for hundreds of families across Illinois and we are proud to partner with IHDA for a second year to raise awareness and connect people to the program," said Cynthia Mufarreh, Chief Community Reinvestment Officer, BMO Harris Bank. "This is an opportunity for people who meet the criteria for the assistance to speak to one of our BMO Harris Mortgage Bankers and get informed."
 
According to a report from the property data firm CoreLogic, the Chicagoland area has more than 135,000 underwater homeowners, more than any other metro area in the nation, and nearly seven percent of Winnebago County homeowners have negative equity in their homes. Since launching in August of 2016, I-Refi has offered a critical lifeline to homeowners who owe more on their mortgage than their home is worth. The program has provided an average of $38,000 per household to reduce the amount they owe.
 
"We are happy to work with BMO to offer the I-Refi program, and we encourage anyone with an underwater mortgage to reach out and apply," said IHDA Board Member Luz Ramirez. "This is a one-of-a-kind program that not only gives homeowners a fresh start, but saves them an average of $365 every month on their new monthly mortgage payments."

"Even though our housing market is gaining strength, there are still thousands of families who may be eligible for this program," said Rockford Mayor Tom McNamara. "I-Refi can give you a fresh start, and if you suspect your home is worth less than what you owe, we encourage you to reach out and apply."
 
BMO Harris Bank plans once again to partner with IHDA and HomeStart to conduct an informational event for Rockford-area homeowners. The event will educate the public on eligibility requirements and offer assistance with submitting an application for review.
 
The event is as follows:

Katie's Cup
502 7th Street
Rockford, IL, 61104
5:30-7:30 PM
Click here to Register

The I-Refi program is free to apply for and there is zero cost to attend the informational sessions.

If you suspect the current value of your home is less than the principal you owe on your mortgage, you may be eligible. You must be current on your mortgage (made your monthly mortgage payments for the past 12 months), have an annual household income of $94,800 per year or less and credit qualify. If you qualify, the I-Refi program will provide up to $50,000 to reduce the balance owed on your mortgage and refinance you into a 30-year fixed-rate mortgage that is aligned with the current value of your home. You will be required to order a professional appraisal to assess the value of your home.
 
To learn more about the I-Refi program, please visit: https://www.ihda.org/my-home/irefi/

About the Illinois Housing Development Authority
IHDA (www.ihda.org) is a self-supporting state agency that finances the creation and the preservation of affordable housing across Illinois. Since its creation in 1967, IHDA has allocated $18 billion and financed approximately 255,000 affordable housing units for residents of Illinois

About BMO Harris Bank
BMO Harris Bank provides a broad range of personal banking products and solutions through nearly 600 branches and fee-free access to over 40,000 ATMs across the United States. BMO Harris Bank's commercial banking team provides a combination of sector expertise, local knowledge and mid-market focus throughout the U.S. For more information about BMO Harris Bank, go to the company fact sheet. Banking products and services are subject to bank and credit approval. BMO Harris Bank N.A. Member FDIC. BMO Harris Bank is part of BMO Financial Group, a highly diversified financial services provider with total assets of CDN$728 billion (as of January 31, 2018), and a team of diverse and highly engaged employees.