Quinn signs foreclosure protection law
Gov. Pat Quinn has signed legislation to prevent lenders from selling a home if the homeowner is applying for federal mortgage assistance.
The measure signed Thursday takes effect immediately.
In a statement, the Chicago Democrat says “Illinois families must have access to the tools they need to protect their home.”
The federal Home Affordable Modification Program allows homeowners to modify their mortgage payments to make them more affordable. Quinn’s office says about 47,000 Illinois families have received modifications through the program, helping avoid foreclosure.
A 2010 Illinois law allowed homeowners to block a foreclosure if they had applied for a modification and the home was sold in violation of the program’s terms.
The bill signed Thursday extends the law through the Dec. 31, 2015 deadline for the loan modification program.