Law gives homeowners an extra 90 days before foreclosure

The Illinois legislature recently passed a bill prohibiting foreclosures within the first 30 days of delinquency. The bill was recently signed into law by Governor Pat Quinn (D) who was joined by House Speaker Michael Madigan (D-Chicago.) The new law will additionally give homeowners more time to work with credit counselors to benefit both the home owners and lenders;

Lenders must tell homeowners they have another 30 days to work with a credit counselor—and give them yet another 30 days if they see a credit counselor approved by the U.S. Department of Housing and Urban Development.

The Governor noted that this was just the beginning of reforming predatory lending laws and addressing how the state deals with foreclosures.