IL SB 1045 Helps Homeowners Facing Foreclosure
On December 26, WREX.com posted an article titled Governor Quinn Signs Law Helping Homeowners Facing Foreclosure.
Governor Quinn signs law helping homeowners facing foreclosure
CHICAGO (WREX) – A new Illinois law signed by Governor Pat Quinn Thursday will help keep lenders from selling a home while the owner is applying for federal mortgage help.
Senate Bill 1045 extends a current law that helps homeowners facing foreclosure who have applied for help under the federal Home Affordable Modification Program (HAMP) to stop their lender from selling their home. The law signed Thursday extends the state’s law to match the federal HAMP deadline of December 31, 2015, giving homeowners more time to save their homes.
HAMP was created in 2009 and allows qualified homeowners to modify their mortgage payments to 31 percent of their income, making those payments more affordable and sustainable.
Senate Bill 1045 goes into effect immediately.
Please click here to view the online article.
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