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New Illinois law aims to help soldiers avoid foreclosure

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A new state law that goes into effect Jan. 1, 2011, aims to help members of the military avoid foreclosure.

The law allows people recently deployed in combat zones to apply for a 90-day delay if they’re facing foreclosure. State Representative Mark Walker sponsored the bill. He says there are a lot of Marines from his district, which includes parts of northwest suburban Schaumburg, Arlington Heights and Rolling Meadows.

“One of the higher foreclosure rates in the state of Illinois is in my district, and I don’t think it’s the kind of thing that military families should be worrying about,” Walker said

But it’s unclear exactly how big a problem military foreclosures are in Illinois. Overall, foreclosures in the six-county Chicago area rose 28 percent in the third quarter of 2010, according to Woodstock Institute.

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