Cook County offers mortgage relief for suburban homeonwers

Officials on Thursday announced the launch of the $20 million COVID-19 Recovery Mortgage Assistance program to help suburban Cook County residents experiencing financial insecurity due to the pandemic.

Funded by the federal Coronavirus Aid, Relief and Economic Security (CARES) Act, the program pays one to three months of overdue or future mortgage payments for income-eligible households. The program is expected to assist between 2,500 and 3,000 homeowners, officials said.

Payments up to a total of $10,000 will be made directly to mortgage servicers.

"This mortgage assistance program will provide much-needed relief to families in suburban Cook County impacted by COVID-19," Cook County Board President Toni Preckwinkle said in an announcement of the program. "We must do whatever it takes to help people stay in their homes and keep their families safe. This plan will offer protection to homeowners and empower them to keep making mortgage payments."

The program serves as a complement to the Emergency Rental Assistance Program, launched in August. The funding will be available to households with incomes under $127,400.

Residents can review their eligibility and apply for mortgage assistance at www.cookcountyil.gov/recovery. The application period opens Friday and will close Oct. 16.

For more information, visit www.cookcountyil.gov/recovery.