Governor Pat Quinn Signs Foreclosure Bill

Governor Pat Quinn signs Foreclosure Bill Public Act 95-1047 on April 5 ,2009.

The new bill will give more time to homeowners to work with housing counselors and lenders together in order to avoid foreclosure.

The new law requires Lenders to send a notice to all homeowners who are 3o days past due on their mortgage.

The notice advises homeowners that they can seek housing counseling at a HUD approved counseling agency.

No foreclosure action can be taken against anyone until they receive this notice. HUD approved counselors will try to develope a sustainable work out plan to be submitted to the lender for approval.

If the lender agrees to the new work out plan then they are not allowed to pursue foreclosure while the homeowner is in compliance with the plan.