Illinois Governor Pat Quinn recently signed a bill that changes the state’s mortgage foreclosure law by providing a grace period to homeowners before they go into full foreclosure.
Illinois residents struggling to make mortgage payments will now have an extra 30 days to seek assistance and an additional 30 days to bring the bill up to date.
Quinn said during this downtrodden economy, it’s important to do whatever it takes to help people keep a roof over their head.
If a person is more than thirty days past due on their home loan, the mortgage lender is obligated to send the borrower a written notice advising them to seek financial and mortgage counseling to evaluate their financial situation and see if they can bring their loan current.
Any borrower who seeks this counseling is automatically entitled to the above mentioned grace period before any legal action can be taken by the lender.
