Gov. Pat Quinn signed legislation to prevent lenders from selling a home if the homeowner is applying for federal mortgage assistance. The measure was signed on Thursday, Dec. 26 and 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 owners of homes to adjust their mortgage payments to help make them more affordable.
According to Quinn's office, about 47,000 Illinois families have received modifications through the program, therefore avoiding foreclosure.

The Illinois law that was passed in 2010 allowed homeowners to stop a foreclosure if they had applied for modification and the home was sold in violation of the program's terms. On Thursday, the bill that was signed extends the law through the Dec. 31, 2015 deadline for the loan modification program.

┬ęCharlotte Raynor, and not to be used without permission. Article may be shared if properly credited and linked back to this source.

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Source: abclocal.go.com/wls/story?section=news/local/illinois&;id=9372946
Graphic: mine

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