Illinois Extends Foreclosure Protections Sunset Provision

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On June 20, Illinois enacted HB 99, which extends for three years the protections afforded borrowers in the Illinois Homeowner Protection Act. The Act requires mortgagees to notify homeowners who are at least 30 days late on their payments that they have 30 days to seek housing counseling. A homeowner who seeks counsel gets an additional 30 days to work out a payment plan or refinance their loan, meaning that such homeowners have a “grace period” of up to 90 days. Those protections were set to expire on July 1, 2013, but now will remain in effect until July 1, 2016. The bill took effect immediately.

Topics:  Borrowers, Foreclosure, Mortgages, Notice Requirements

Published In: General Business Updates, Consumer Protection Updates, Finance & Banking Updates, Residential Real Estate Updates

DISCLAIMER: Because of the generality of this update, the information provided herein may not be applicable in all situations and should not be acted upon without specific legal advice based on particular situations.

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