Governor signs bill to help struggling homeowners avoid foreclosure

By WEEK Producer

Governor signs bill to help struggling homeowners avoid foreclosure

June 21, 2013 Updated Jun 21, 2013 at 11:59 AM CDT

SPRINGFIELD, Ill. -- Governor Pat Quinn has signed a bill that ensures struggling homeowners will have a grace period of up to 90 days before foreclosure.

The bill extends an existing law signed in 2009.

The "Homeowner Protection At" provides that grace period for homeowners who enter housing counseling.

Mortgage holders must give struggling homeowners at least a 30 day grace period on late on late payments. Homeowners would then have 30 days to get housing counseling. If the homeowners get the counseling, they then have an extra 30 days to work out a payment plan.

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