Gov. signs law to help homeowners facing foreclosure
CHICAGO -- Governor Quinn signed into law Thursday a bill that will protect struggling Illinois homeowners. It prevents a lender from selling a home while the homeowner is applying for federal mortgage assistance.
The legislation, sponsored by Democrats state Sen. Jacqueline Collins of Chicago and state Rep. Michael Zalewski of Riverside, extends a current law that allows families who have applied for a loan modification under the federal Home Affordable Modification Program to stop the lender or servicer from selling their home.
Governor Quinn says, "Illinois families must have access to the tools they need to protect their home." He adds, "More than one million families have received help through the Illinois Foreclosure Prevention Network, and we want to make sure even more homeowners can remain home for the holidays and the long term."
Illinois residents having trouble paying their mortgage, facing foreclosure, or know someone who is, should reach out to IFPN as soon as possible by visiting www.keepyourhomeillinois.org or by calling the IFPN hotline at 1-855-KEEP-411.
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