Illinois’ 30-30-30 Law – What You Should Know

by Peter Ricci

Illinois’ 30-30-30 laws have been a huge benefit for the state’s distressed homeowners, and it’s looking like the provisions will be renewed through 2016.

underwater-homeowners-illinois-senate-30-30-30-law-homeowner-assistance

The Illinois Senate last week passed a bill that would extend the state’s 30-30-30 protections to distressed borrowers for another three years.

For a quick refresher on what the 30-30-30 laws do – and just how many homeowners in Illinois have been aided by their aims – take a look at our infographic below:

 

As HousingWire pointed out, banks can only file foreclosure proceedings if the following events take place: the borrower does not seek counseling within the 30 provided days; the borrower, with the help of counseling, does not present a plan of action; or, if the borrower presents a plan but fails to adhere to its stipulations.

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