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House Bill 2973, Senate Amendment 3, creates the Homeowner Protection Act. The Illinois General Assembly will consider the legislation during the week of November 17, the second and final week of the annual Veto Session.

Illinois ranked 9th in the country in mortgage foreclosures in the third quarter of this year. Many homeowners have been pushed into foreclosure by changes in their mortgage terms, such as an interest rate increase.

The legislation will require that lenders and loan servicers notify homeowners who are 45 days delinquent on their mortgage payments that they have an additional 45 days to seek assistance from a HUD-certified housing counseling agency before a foreclosure complaint can be filed in court.

If a homeowner seeks counseling and the lender is notified of this decision, the homeowner will have an additional 45‐days to develop a sustainable loan workout plan with their lender. If a plan is agreed to, the lender cannot institute any legal action on a foreclosure as long as the borrower complies with the plan.

If homeowners are facing foreclosure are to be able to stay in their homes, most will need to renegotiate the terms of their mortgage. Homeowners will be in a better position to do this if they receive an early notice educating them about the availability of assistance from a HUD-certified housing counseling agency to develop a sustainable loan workout plan.

Developed by Illinois Governor Rod Blagojevich, the chief sponsors for legislation are Senator Jackie Collins and Representative Julie Hamos.

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