December 27, 2013
In preparation for the election next year, Gov. Pat Quinn has signed legislation to prevent lenders from selling a home if the homeowner is applying for federal mortgage assistance.
In a well-worn, liberal statement, the Chicago Democrat said “Illinois families must have access to the tools they need to protect their home.”
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.
Because of the state’s continued high unemployment during Quinn’s term, the bill signed Thursday extends the law through the Dec. 31, 2015 deadline for the loan modification program.
Source: Illinois Review
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