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Illinois Extends Foreclosure Grace Period


By Mary Schaefer, MORe Now Contributor
 
Governor Quinn signed legislation on June 20th extending the Illinois Homeowner Protection Act until 2016. The law, which would have been
repealed on July 1, provides homeowners with a 90-day grace period before foreclosure proceedings begin. The law was first enacted in 2009.

House Bill 99 extended the Illinois Homeowner Protection Act by three years to July 2016. The bill now becomes Public Act 098-0025.
 
"Too many families continue to face foreclosure because they did not know where to turn for help when paying their mortgage bills first became  a struggle," said Rep. Mike Zalewski, (D-Riverside), one of the bill's sponsors. "By extending the Homeowner Protection Act, we are now giving families a much-needed opportunity to deal with their financial situation before they are at risk of losing their homes."
 
The Illinois Homeowner Protection Act gives Illinois homeowners a grace period of up to 90 days on mortgage foreclosures for homeowners who enter housing counseling. Under the law, mortgage holders must notify struggling homeowners who are at least 30 days late on their payments that they have 30 days to seek housing counseling to get their loan back on track. If the homeowners enter counseling, they get an additional 30 days to work out a payment plan or refinance their loan.
 
The legislation passed the Illinois General Assembly unanimously and takes effect immediately.
 
For more foreclosure resources go to http://www.yourillinoishome.com.
 

 Illinois Extends Foreclosure Grace Period

 
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