The Illinois Homeowner
Protection Act, which offer certain homeowners a 90-day grace period before
foreclosure proceedings are initiated, now will be in effect until July 2016. The
measure was adopted in 2009.
Under the act,
mortgage servicers must notify homeowners who are at least 30 days late on
their mortgage payments that they have 30 days to seek housing counseling
before a foreclosure action would be initiated. Homeowners who enter counseling
then get another 30 days to work out a payment plan or refinance their loan.
I hope this information is useful.
Should you need assistance with any of your real estate
needs, please contact
Have a Supreme Day!
Sheila M. Wilkinson-Sanders
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