06 Apr Illinois Passes Foreclosure Moratorium Law
Illinois Governor Pat Quinn signed a new law April 5th, 2009 that prevents mortgage holders from foreclosing for up to 3 months. The law imposes a moratorium on foreclosure within the first 30 days of delinquency. Mortgage holders must advise borrowers they have 30 more days to seek credit counseling. Homeowners who obtain housing counseling approved by the U.S. Department of Housing and Urban Development are given an addtional 30 days to resolve the delinquency with the mortgage holder before foreclosure.
Andy Miofsky, Esq.
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