Illinois legislation approved to help prevent foreclosures
Legislation has been approved in Illinois that was designed to protect homeowners from foreclosure.
According to the Office of Governor Pat Quinn, on Thursday, December 26, 2013 Quinn signed a bill that will prevent lenders from selling a home while a homeowner applies for a federal mortgage assistance program.
In 2010 Quinn reportedly signed a law that allows homeowners to move to block a judicial sale when they can prove that they applied for the Home Affordable Modification Program (HAMP) but property was sold in violation of the program’s terms. The new legislation extends Illinois law to match the federal HAMP deadline of December 31, 2015.
The law takes effect immediately.
Quinn said more than one million families have received help through the Illinois Foreclosure Prevention Network. The program is a resource that connects homeowners with tools such as counseling services, legal advice, mortgage assistance programs, and more.