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Illinois Governor Signs Bill to Extend Act Providing Grace Period

""Illinois Governor Pat Quinn"":http://www.illinois.gov/Pages/default.aspx signed a bill Thursday extending a state law that provides a grace period of up to 90 days for homeowners facing foreclosure.

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The act was first adopted in 2009 and with the extension, the Illinois Homeowner Protection Act will continue on until July 2016.

""Keeping families in their homes ensures strong communities throughout Illinois and drives our economy forward,"" Quinn said in a release. ""The Homeowner Protection Act has already helped more than 40,000 Illinois families, and this extension will ensure that it helps many more for years to come.""

The 90-day grace period is provided to struggling homeowners who seek housing counseling. When homeowners are at least 30 days past due, lenders must notify homeowners that they have 30 days to seek housing counseling. By seeking counseling, homeowners receive an additional 30 days to work out a payment plan or refinance their loan.

About Author: Esther Cho

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