Springfield, IL–(ENEWSPF)– Legislation sponsored by state Rep. Al Riley (D-Olympia Fields) in the Illinois House and Sen. Maggie Crotty (D – Oak Forest) will keep the homes of foreclosure victims from being sold to another party if the owners are seeking assistance through the federal Making Home Affordable program.
“Those attempting to come to an agreement with a mortgage company during the foreclosure process should not have their home sold out from under them,” said Riley. “This federal program is giving hope to many people who otherwise would have no way to keep their homes. We should provide these homeowners time to figure out a solution that lets them stay in their house while continuing to pay off their mortgage.”
House Bill 5735 requires courts to stop judicial sales during foreclosure proceedings if the homeowner has applied for assistance from the Making Home Affordable program. This initiative is designed to stabilize the housing market by creating opportunities for homeowners to modify or refinance their mortgage to make payments more affordable.
“Keeping people in their homes is not only good for the families that would otherwise not have a place to live, it also is good for our communities as a whole,” said Riley. “Empty houses lower surrounding property values and can create a feeling of despair for entire neighborhoods. Helping homeowners will strengthen the economy and put our communities on the path of recovery.”
House Bill 5735 passed the Illinois Senate unanimously on Tuesday. The measure now moves to the governor for his consideration.
For more information on the Making Home Affordable Program, please visit www.MakingHomeAffordable.gov or call 888-995-HOPE (4673).
Rep. Riley was a primary sponsor of this bill in the Illinois House. State Sen. Maggie Crotty was a primary sponsor in the Illinois Sentate.
