The Illinois Mortgage Foreclosure Special Progress Call Order is a court order issued by the Circuit Court of Cook County that requires all parties involved in a mortgage foreclosure action to attend a special progress call hearing. The purpose of the hearing is to ensure that all parties are making progress in the case and that the case is moving forward. The hearing also gives the parties an opportunity to discuss settlement options or other resolution strategies. The hearing is typically held within 60 days after the filing of the complaint. There are two types of Illinois Mortgage Foreclosure Special Progress Call Order: residential and commercial. The residential progress call applies to foreclosure actions on residential real estate and the commercial progress call applies to foreclosure actions on commercial real estate. Both types of progress call require the parties to attend a hearing and discuss progress and settlement options. The court will also consider any other issues that may arise during the hearing.
Illinois Mortgage Foreclosure Special Progress Call Order
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FAQ
In Illinois, there is a redemption period during which you have the legal right to pay off the total debt plus certain costs and interest and reclaim your property, even after a judgment of foreclosure. The property cannot be sold during the redemption period.
The redemption period also runs for 3 months after a foreclosure judgment is entered, so, depending on when a judgment is entered, the redemption period can run longer than 7 months from service.
Special right of redemption. If the lender (or subsequent owner of the loan) purchases the home at the foreclosure sale and the sale price was less than the total amount you owed, then you have 30 days after the court confirms the sale to redeem.
How Can I Stop Foreclosure in Illinois? Your First Move: Find the Right Foreclosure Attorney. Negotiate with the Lender to Resume Payments. Request a Loan Modification. Seek Special Relief: CARES Act And COVID-19. Address Payments Missed By Mistake. Take the Case to Chicago Courts. Turn the House over to the Lender.
In Illinois, it can take approximately 12-15 months for a foreclosure to be completed. Call your lender or a HUD-certified counseling agency as soon as you can. You miss your second payment. When your lender calls, it is important to pick up the phone and speak to your lender.
How Can I Stop Foreclosure in Illinois? Your First Move: Find the Right Foreclosure Attorney. Negotiate with the Lender to Resume Payments. Request a Loan Modification. Seek Special Relief: CARES Act And COVID-19. Address Payments Missed By Mistake. Take the Case to Chicago Courts. Turn the House over to the Lender.
The Illinois Mortgage Foreclosure Law provides for a specific right of reinstatement. In order to reinstate your loan, you must repay any missed payments and any costs and expenses required by the mortgage. You cannot be required to repay the amount of principal due as a result of the lender accelerating your loan.
The redemption period also runs for 3 months after a foreclosure judgment is entered, so, depending on when a judgment is entered, the redemption period can run longer than 7 months from service.