- Published: Friday, March 15, 2013 12:39 PM
With an effective law that assists many families facing foreclosures about to expire, State Senator Napoleon Harris (D-Flossmoor) acted this week to extend the law for another three years. This measure gives struggling homeowners time to obtain counseling before losing their homes to foreclosure.
“The housing crisis is not over yet,” said Harris, co-sponsor of the bill. “We need to allow families who have missed mortgage payments the time and opportunity to seek professional financial advice to keep them in their homes.”
Since this law was passed, more than 48,000 homeowners have received homeownership counseling. The 30-30-30 law requires lenders to send homeowners a warning 30 days after their missed mortgage payment and allow them 30 more days to seek counseling. After the homeowner receives counseling, they have another 30 days to present a plan to the lender. If the borrower does not seek counseling or follow through with their plan, the lender can foreclose their house.
The measure, Senate Bill 56, has passed the Illinois Senate and is now waiting to be heard in the House of Representatives.