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Lending / The Ticker

Illinois extends legal protections for homeowners seeking loan mods

Extension will last for another year

home loans chalk

The Illinois state legislature has extended legislation that provides foreclosure protections for homeowners seeking loan modifications by extending a local law that allows judges to set aside foreclosure sales when a homeowner is already pursuing a loan mod through a federal program.

State Sen. Jacqueline Collins (D-Chicago) lauded the signing of the bill Tuesday, saying it will extend the law another year through 2015, giving homeowners in trouble the protections they need when trying to prevent a foreclosure. If the bill had not been signed, the program would have expired Wednesday.

"I am extremely pleased that Illinois is renewing its commitment to a program that has helped nearly fifty thousand homeowners and their families stay in their homes," said Collins. "Faced with job loss, medical debt, falling property values or other obstacles, many of our neighbors are still in need of assistance and deserve the protection of the courts as they endeavor to make their payments and keep their homes."

Under the extended law, a judge can be asked to invalidate a foreclosure sale if a bank fails to observe the rules of federal housing assistance programs or goes against an existing loan mod agreement. The extension officially expires Dec. 31, 2015.

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