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Illinois Governor Pat Quinn Signs Foreclosure Bill
Troubled Illinois homeowners facing foreclosure will get up to a 90-day grace period under a law signed by Quinn on April 5. Public Act 95-1047 gives homeowners more time to work with lenders and housing counselors to avoid foreclosure.
The new law adds a new section to the Code of Civil Procedure regarding procedures and forbearances for delinquent residential mortgages. The law provides that if a mortgage secured by residential real estate becomes delinquent by more than 30 days the mortgagee must mail a notice advising the homeowner that he/she may wish to seek approved housing counseling (defined in the legislation as a counseling agency approved by HUD).
No foreclosure action can begin before mailing this notice- which is spelled out in the legislation. If, within the 30-day period an approved counseling agency provides written notice to the mortgagee that the homeowner is seeking approved counseling services, then no legal action shall be instituted for 30 days after the date of that notice. During the 30-day period the homeowner or counselor or both may prepare and proffer to the mortgagee a proposed sustainable loan workout plan (defined in the legislation). The mortgagee determines whether to accept the proposed sustainable loan workout ... more

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