Judgment Against Property Foreclosure In Illinois
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A "default judgment" is a judgment in favor of the lender when the borrower doesn't respond to a foreclosure lawsuit (a judicial foreclosure). The main danger of allowing a default judgment against you is that, once it happens, you'll lose the opportunity to fight the judicial foreclosure.
In a Nutshell This court order allows them to collect on the debt by seizing your real or personal property (or putting a lien on it), garnishing your wages, or levying your bank account. Personal property includes everything from household goods to vehicles. Real property includes things like your home or land.
If a foreclosure is unavoidable, a homeowner may be able to negotiate with their lender so that any deficiency is forgiven after the foreclosure is complete. Filing for bankruptcy can also help you avoid a deficiency judgment, but this may not be your best option depending on your financial circumstances.
Here are the California System 1 property exemptions: The Homestead Exemption protects up to $600,000 in your principal residence, which could be a home, boat, condo, or even a planned development. The Motor Vehicle Exemption protects up to $3,625 of equity in your car or other vehicle.
The following kinds of personal property are exempt from debt collection and cannot be seized: Household goods, like furniture, clothing, and appliances. Medical equipment, such as a wheelchair. One television, one radio, one computer and one cell phone.
Illinois law governs the time limit for enforcing judgment and states “no judgment shall be enforced after the expiration of 7 years from the time the same is rendered.”1 The same statute allows the 7-year limitation period to be extended “upon the revival of the judgment by a proceeding.”
Illinois Exemption Laws These exemptions cover personal property, retirement accounts, and portions of home equity, among others. Personal Property Exemptions: Certain personal items, such as clothing, necessary household goods, and professional books or tools, are exempt up to specific values.
If it has been 30 days or less, you can get rid of ("vacate") a default judgment by filing a motion. This is a written request to the judge asking them to throw out the judgment. You will have to send a copy of the motion to the other party in the case, and then show up in court for a hearing.
A default judgment is granted in favor of the lender without foreclosure proceedings. If you're facing a default judgment, you have very little time to try to save your home, and acting quickly is extremely important. A lender can move for a default judgment if the borrower fails to respond to a foreclosure lawsuit.
If the borrower fails to make payment at the proper time or fails to meet other obligations specified in the bond or mortgage, the foreclosure process begins. The lender applies to a court for authority to sell the property.
