Foreclosure notices in Illinois jumped nearly 25 percent last month and Illinois ranked 9th in the country in the third quarter of this year in mortgage foreclosures. These sobering numbers are all the more reason why we need to act now to protect homeowners. This crucial piece of legislation would have given hard-working families and homeowners across the state time to rework their mortgages to help them stay in their homes, while foreclosures are at an all-time high. This national situation will not improve overnight. That’s why I will continue the fight for homeowner protections, and ask that members of the House return to take up this very important legislation during a time of crisis.”
HB 2973 would require that lenders and loan servicers notify homeowners who are 30 days delinquent on mortgage payments that they have 30 days from the date notice is providedto seek mortgage counseling services to get their loan back on track. If a borrower enters counseling, they would get an additional 30 days in order to work out a payment plan or refinance option. During this entire period of up to three months, the homeowner is protected from foreclosure.
