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Jan
03
Illinois Law Protects Against Foreclosure

Illinois Law Protects Against Foreclosure

On behalf of Law Offices of Chad M. Hayward, P.C. posted in Home Foreclosure Defense on Friday, January 3, 2014.

If you have been worried about losing your home to foreclosure in Illinois, you may not have to worry quite as much anymore. According to news from December 26, the Illinois governor has now signed legislation into law that will prevent lenders from selling your home if you’re applying for federal mortgage assistance. As an Illinois home forclosure defense, this may help keep more people in their homes.

According to the news report, the measure will take effect immediately, and it will offer some protection to families with few other choices. According to the federal Home Affordable Modification Program, home owners may modify their mortgage payments to make them more affordable, which will help them keep from falling behind on their payments. So far, it’s averaged that 47,000 Illinois families have used this program to receive modifications and to avoid foreclosure.

Previously, a law from 2010 had allowed the home owners to stop a foreclosure if they had applied for this modification and if the home was sold against the terms of the program. This new bill will extend that law through December 2015, which is the deadline for applications for the loan modification program.

You work hard to maintain your home, and financial difficulties can make it nearly impossible to keep up on payments at some points in your life. It’s important that you know that you’re not alone; in some cases, there are steps you can take to help prevent foreclosure and to keep yourself and your family in your home. If you are interested in learning about your options, you may wish to speak with an attorney who specializes in bankruptcy law.

Source: ABC 7 Eyewitness News WLS-TV Chicago, “Foreclosure protection law signed by Illinois Governor Pat Quinn; Legislation to prevent selling if homeowner applying for federal assistance” No author given, Dec. 26, 2013


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Locations

We have office locations throughout the Chicago Area:

Chicago (Downtown)

Schaumburg

Oak Brook

Naperville


All calls are routed through our Downtown office for your convenience.

Phone: 312-967-3159

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