IL HB0099

Extends the repeal date of the homeowner protection statute from July 1, 2013 to July 1, 2016, allowing the foreclosure protection requirements to remain in effect for an additional three years.

Requires mortgagees to send a notice to mortgagors when a mortgage becomes more than 30 days delinquent, informing them of the option to seek approved housing counseling before foreclosure proceedings can begin.

Establishes a 30-day grace period from notice of delinquency during which no foreclosure action may be instituted, and an additional 30-day grace period if the mortgagor obtains approved housing counseling.

Allows mortgagors and mortgagees to develop sustainable loan workout plans during the grace period that may include payment suspension, extended loan terms, interest rate reductions, principal write-downs, or refinancing.

Applies protections only once per mortgage and only to residential real estate occupied as the mortgagor's principal residence, with exceptions for mortgages involving bankruptcy filings.