The Illinois Order to Extend Mortgage Foreclosure Timeline is an order issued by the Governor of Illinois, JB Pritzker, to protect homeowners from foreclosure during the state of emergency due to the coronavirus pandemic. The order extends the timeline for mortgage foreclosure proceedings to 90 days from the date of the Order to April 30, 2021. The Order also requires lenders to give a 30-day notice before filing any lawsuit to initiate foreclosure proceedings. In addition, lenders are required to provide a 60-day grace period for homeowners to catch up on their mortgage payments and 4-month forbearance period for those affected by COVID-19. The Illinois Order to Extend Mortgage Foreclosure Timeline applies to all residential properties in the state of Illinois, either owner-occupied or rental properties. The order also applies to all types of mortgage loan products, including but not limited to conventional, FHA, VA, and reverse mortgages. The Order to Extend Mortgage Foreclosure Timeline is part of the Governor’s efforts to help homeowners stay in their homes during the pandemic. It is intended to provide a cushion for homeowners to catch up on their payments without having to worry about foreclosure.
Illinois Order to Extend Mortgage Foreclosure Timeline
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How to fill out Illinois Order To Extend Mortgage Foreclosure Timeline?
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