Illinois Gov. Pat Quinn has signed off on SB 2513, a bill that provides up to a 90-day grace period for delinquent homeowners who seek counseling to keep from going into foreclosure. Under provisions of the legislation, lenders are prohibited from initiating foreclosure proceedings for the first 30 days a homeowner is in default.
The lender is then required to notify the homeowner that they have 30 days to seek approved counseling before legal action can be taken by the lender. An additional 30 days is granted to any homeowner who enters into counseling to develop a workout plan with their lender.
Source: Foreclosure News Report