Program helping underwater homeowners

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ROCKFORD, Ill. (WIFR) -- A new program in the Stateline is geared at helping homeowners who owe more on their mortgage than their properties are worth.

MGN Online

Those eligible for the I-REFI program can find relief based on tiers of home value getting someone as high as $50,000 in relief. The relief is taken out as a second mortgage that is forgiven after three years, meaning you don't have to pay it back.

"It's an opportunity for people to get back on track with their mortgages and have a mortgage that's lower than what their house is worth, and that's good for the community as whole because it frees up the market," says homeowner Bob Campbell.

Campbell says the program is great since it helps those who have been doing what they are supposed to for so long and found no relief.

The application is found on Illinois Housing Development Authority's web page. In order to qualify you have to be current on the last year's mortgage payments, make less than $86,000 a year, and have a credit score over 640.