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Collins extends protections for homeowners facing foreclosure

Posted by Newsroom On March - 15 - 2013

30-day grace periods will remain in effect for the next three years

SPRINGFIELD, IL – State Senator Jacqueline Y. Collins (D-16th) secured unanimous Senate passage Wednesday of a measure that postpones the repeal of legal protections for homeowners seeking counseling to avoid foreclosure. The “30-30-30” grace period law was set to expire this year but would remain on the books for another three years if Collins’ legislation is successful.

“Foreclosure prevention counseling has helped thousands of Illinois homeowners stay in their homes,” Collins said. “Because in many parts of our state the housing market is still in crisis, we must continue to give homeowners who have missed payments the breathing room they need to seek professional assistance.”

Since 2009, more than 48,000 homeowners have received free counseling through the Illinois Foreclosure Prevention Network, and the Illinois Hardest Hit program has helped more than 6,500 people make their mortgage payments.

“Foreclosure counseling is a proven tool in the effort to stabilize neighborhoods and give homeowners a chance to make it through tough times,” Collins said. “Approved counselors can help homeowners evaluate their finances, take control of their spending, negotiate with their lenders and ultimately start making manageable payments and keep their homes.”

The “30-30-30” law requires lenders to wait 30 days after the due date of a missed payment, send a notice to the borrower, give the homeowner 30 more days to seek counseling and then give the homeowner and counselor 30 days to offer the lender a workout plan. The bank may file for foreclosure only if the homeowner does not obtain counseling services within 30 days of the initial notice, if the homeowner and counselor do not present an acceptable plan within 30 days or if the borrower fails to comply with the terms of the workout plan.

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Welcome to CopyLine Magazine! The first issue of CopyLine Magazine was published in November, 1990, by Editor & Publisher Juanita Bratcher. CopyLine’s main focus is on the political arena – to inform our readers and analyze many of the pressing issues of the day - controversial or otherwise. Our objectives are clear – to keep you abreast of political happenings and maneuvering in the political arena, by reporting and providing provocative commentaries on various issues. For more about CopyLine Magazine, CopyLine Blog, and CopyLine Television/Video, please visit juanitabratcher.com, copylinemagazine.com, and oneononetelevision.com. Bratcher has been a News/Reporter, Author, Publisher, and Journalist for 33 years. She is the author of six books, including “Harold: The Making of a Big City Mayor” (Harold Washington), Chicago’s first African-American mayor; and “Beyond the Boardroom: Empowering a New Generation of Leaders,” about John Herman Stroger, Jr., the first African-American elected President of the Cook County Board. Bratcher is also a Poet/Songwriter, with 17 records – produced by HillTop Records of Hollywood, California. Juanita Bratcher Publisher

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