Illinois Gov. Pat Quinn (D) on Thursday signed into law a measure extending the time period to protect Illinois homeowners from losing their homes to foreclosure while seeking federal assistance to modify their mortgages, the Chicago Tribune reported today. The measure extends to Dec. 31, 2015, protections that allow homeowners to prevent a lender or loan servicer from selling their homes if they have applied for a loan modification under the federal Home Affordable Modification Program. The latest measure builds on a 2010 state law that gave homeowners the right to block a judicial sale of foreclosed property if they could prove that they had applied under the federal loan-modification program but the property was sold in violation. The new effort effectively extends Illinois law to match the deadline for the federal home loan modification program.
