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Protection During Loan Modification - The ISBA Discusses Rules and Rights

Question: I’ve applied for a loan modification but am worried that my lending company may sell my home before the modification is approved. Should I be concerned? Answer: A new state law extends to Dec. 31, 2015, protections that enable homeowners to keep a lender from selling their home if they’ve applied for a loan modification under the federal Home Affordable Modification Program. Also, many counties have established foreclosure mediation programs that put the borrower in direct communications with the lender.   For more information about Illinois law, visit www.illinoislawyerfinder.com. If you have a legal question, send it to illinoislawcolumn@isba.org. Illinois Law Now is a series of newspaper and internet posts prepared by the Illinois State Bar Association that address legal issues of interest to the public. For additional information about the law, visit http://www.illinoislawyerfinder.com/legal-faqs

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