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Lawmakers Want Foreclosure Help Made Available
The recession and slow economy have led to increased rates of foreclosure around the state, but Illinois lawmakers say homeowners deserve time to fight foreclosure.

State Rep. Al Riley (D-Olympia Fields) sponsored legislation to prevent a home in foreclosure from being sold if the homeowners have entered a federal program to modify their mortgage. Riley says it makes no sense for a homeowner to apply for assistance and build hope, only to have their home sold out from under them.

The bill allows a homeowner to request that a judge hold, or set aside, the sale of a home in that situation. The homeowner must be involved with a federal program, like Making Homes Affordable or the Home Affordable Modification Program, to make the request.

Riley says the bill gives homeowners about three months to prove they can make modified payments. He says if they default or do not qualify for a federal program, then "everything is up for grabs."

Riley says the bill is timely because he introduced the legislation the same day the White House decided to expand the foreclosure help programs. H.B. 5735 has passed the House and now heads to the Senate.

(Illinois Radio Network)
04 07 10 by Newsroom
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