SPRINGFIELD, Ill. – Illinois homeowners at risk of foreclosure would have more time to apply for protection from losing their homes under a measure sponsored by state Rep. Al Riley, D-Olympia Fields, which is nearing passage in the General Assembly.
“This legislation is a continuing effort to help homeowners still affected by the nation’s housing crisis to save their homes from foreclosure,” Riley said. “This extension will continue to protect homeowners in the federal Making Home Affordable Program from the actions of unscrupulous lenders, and give local communities a modicum of assurance that the scourge of foreclosure doesn’t continue to take a toll on their towns.”
Riley is sponsoring House Bill 4595, which extends the Illinois deadline for homeowners to apply for assistance under the federal Making Home Affordable program. The program was created by the Obama administration to help homeowners by providing solutions to modify, refinance mortgages or get temporary assistance for an unforeseen job loss. The bill also allows for judicial set aside of a foreclosure order if the homeowner can prove participation or application to the federal program. Riley’s bill extends the protections under his original law to the federal deadline of Dec. 31, 2016.
“Many hardworking families experience situations that test them financially. This measure allows struggling homeowners to continue making efforts to pay their mortgages without fear they will lose their homes,” Riley said. “By helping our middle-class families keep their homes, we keep our neighborhoods and communities strong and stable.”
House Bill 4595 passed the House on a vote of 114-0 and now awaits floor debate in the Senate.
Riley represents the 38th Representative District, which includes Tinley Park, Matteson, Country Club Hills, Richton Park, Hazel Crest and other neighboring communities.