January 8, 2014
by Jill Rein
Pierce & Associates, P.C. – USFN Member (Illinois)
On December 26, 2013, the expiration date of the Illinois statute referenced below was extended from January 1, 2014 to January 1, 2016, where the mortgagor applies for assistance under the Making Home Affordable Program on or before December 31, 2015.
Statute 735 ILCS 5/15-1508 (d-5) — Making Home Affordable Program. The court that entered the judgment shall set aside a sale held pursuant to Section 15-1507, upon motion of the mortgagor at any time prior to the confirmation of the sale, if the mortgagor proves by a preponderance of the evidence that (i) the mortgagor has applied for assistance under the Making Home Affordable Program established by the United States Department of the Treasury pursuant to the Emergency Economic Stabilization Act of 2008, as amended by the American Recovery and Reinvestment Act of 2009, and (ii) the mortgaged real estate was sold in material violation of the program’s requirements for proceeding to a judicial sale.
© Copyright 2014 USFN and Pierce & Associates, P.C. All rights reserved.