Foreclosure Help in IL

Foreclosure Help in IL

Last week, IL Governor Quinn signed a bill providing much needed assistance for homeowners facing foreclosure. This bill, Public Act 95-1047 requires lenders to allow a grace period (up to 90 days) to homeowners who are in arrears. Furthermore, homeowners will have a chance to work with any Housing and Urban Development (HUD) approved housing counselors to work out a solution to their situation.

Under this act, lenders are required to mail a notice to the troubled homeowner who in turn will seek out a counselor. They have 30 days to find a workable plan to be agreed upon by both the lender and the homeowner. No legal action will be taken against the homeowner during this period. The lender is not forced to accept the plan, but at least they will have to talk to a qualified counselor.

This is definitely a much needed assistance to those who are behind in their payments in their principal residence. Find out more information on this new IL legislation.

Edit: Homesellers in IL should seek an HUD approved counselor and discuss with your lender about this grace period.

For your IL real estate needs including foreclosures, short sales, and the new tax credit for first time home buyers in the St. Clair & Madison Counties including Scott Air Force Base (SAFB) IL, send me an e-mail.