Quinn Signs Illinois Foreclosure Protection Law

December 26, 2013
Associated Press 
mortgage lending news

Declaring that families in the state "must have access to the tools they need to protect their home," Illinois Gov. Pat Quinn barred lenders from selling a residence if the owner is seeking federal home-loan aid.

The bill, signed on Dec. 26 and effective immediately, extends a 2010 state law under which homeowners may block a foreclosure if they had applied for assistance and the property was sold in violation of Home Affordable Mortgage Program guidelines. Quinn has renewed the state law through Dec. 31, 2015, which is also the deadline to apply for help under the federal modification initiative.

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