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BMO Harris Bank and the Illinois Housing Development Authority

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BMO Harris Bank and the Illinois Housing Development Authority For Immediate Release IHDA: Andrew Field - (312) 833-6083 April 13, 2018 [email protected] BMO: Emily Penate - (312) 461-7956 [email protected] BMO Harris Bank and the Illinois Housing Development Authority Partner to Help Underwater Homeowners The I-Refi program provides $50,000 in forgivable assistance to help borrowers reduce what they owe on their mortgage and refinance into a new, affordable loan. CHICAGO – The Illinois Housing Development Authority (“IHDA”) today announced that BMO Harris Bank will participate in the I-Refi refinance program for the second year in a row to assist struggling homeowners. The program provides up to $50,000 in forgivable assistance to eligible homeowners to reduce the balance owed on their mortgage and refinance into a new affordable loan based on the current appraised value of the home. “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 Ernie Johannson, Group Head, U.S. Personal and Business Banking, 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. 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 Executive Director Audra Hamernik. “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.” BMO Harris Bank plans once again to partner with IHDA and other non-profit agencies to conduct informational events throughout Illinois and Chicagoland. The events will educate the public on eligibility requirements and offer assistance with submitting an application for review. The schedule of events is as follows: Partner Agency Date / Time Event Location Event Address Registration Northwest Side Housing Center Northwest Side Housing April 17 / 5:30 - 7:00 Chicago (Belmont Click here to 5233 W. Diversey Avenue Center pm Cragin) Register Chicago, IL, 60639 BMO Harris Bank Neighborhood Housing April 17 / 6:30 - 8:00 Click here to Evergreen Park 9950 S. Kedzie Services (NHS) of Chicago pm Register Evergreen Park, IL, 60805 BMO Harris Bank April 23 / 6:30 - 8:00 Click here to Chicago Urban League Chicago (Kenwood) 901 E. 47th Street pm Register Chicago, IL, 60615 Katie's Cup April 25 / 5:30 - 7:30 Click here to Homestart Rockford 502 7th Street pm Register Rockford, IL, 61104 BMO Harris Bank April 26 / 6:30 - 8:00 Click here to South Suburban Housing Evergreen Park 1620 Chicago Road pm Register Chicago Heights, IL, 60411 The Zone 10th Ward Housing April 28 / 9:00 am – No Registration Chicago 11731 S Avenue O Resource Fair 1:00 pm Needed Chicago, IL, 60617 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. ### .
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