Illinois Governor Signs Bill to Extend Act Providing Grace Period

Illinois Governor Signs Bill to Extend Act Providing Grace Period

06/21/2013 BY: ESTHER CHO

Illinois Governor Pat Quinn signed a bill Thursday extending a state law that provides a grace period of up to 90 days for homeowners facing foreclosure.

The act was first adopted in 2009 and with the extension, the Illinois Homeowner Protection Act will continue on until July 2016.

“Keeping families in their homes ensures strong communities throughout Illinois and drives our economy forward,” Quinn said in a release. “The Homeowner Protection Act has already helped more than 40,000 Illinois families, and this extension will ensure that it helps many more for years to come.”

The 90-day grace period is provided to struggling homeowners who seek housing counseling. When homeowners are at least 30 days past due, lenders must notify homeowners that they have 30 days to seek housing counseling. By seeking counseling, homeowners receive an additional 30 days to work out a payment plan or refinance their loan.

 

Advertisements
  1. No trackbacks yet.

Leave a Reply

Fill in your details below or click an icon to log in:

WordPress.com Logo

You are commenting using your WordPress.com account. Log Out / Change )

Twitter picture

You are commenting using your Twitter account. Log Out / Change )

Facebook photo

You are commenting using your Facebook account. Log Out / Change )

Google+ photo

You are commenting using your Google+ account. Log Out / Change )

Connecting to %s

%d bloggers like this: