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New law in Illinois may save some homeowners from foreclosure

There is a new law in Illinois that is set to take effect on June 1. The new law has to do with the foreclosure process and assistance for homeowners that find themselves facing foreclosure. It is hoped that this law will help the housing market recover and perhaps even save some homeowners from losing their homes.

The new law is designed to reduce the foreclosure process in Illinois from approximately two years down to just a few months. This may get homes up for sale more quickly by reducing the amount of time those homes are sitting empty. Getting these homes on the market faster may help with the recovery of property values in neighborhoods across the state.

Secondly, the law will provide approximately $13 million to help families that are facing foreclosure. One way these families will be assisted is through housing counseling. It is hoped that this assistance will keep upwards of 18.000 families from losing their homes by helping them prevent foreclosure.

Unfortunately, in spite of this new law, there will still be thousands of families that will face foreclosure. For those families, filing for bankruptcy protection may the best way to deal with their mortgage. Filing bankruptcy could give homeowners that are struggling to meet the terms of their mortgage and other debt the space and time they need in order to deal with their financial situation. For some homeowners, this will mean working out a modification with their lender; and for others, it may mean the chance to walk away completely. Regardless of what option individual homeowners end up taking, filing bankruptcy can provide a fresh start financially.

Source: abc7news, "New Illinois law will fast-track foreclosures," Feb. 8, 2013

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