Illinois Mortgage Foreclosure Case Management Form
Description
How to fill out Illinois Mortgage Foreclosure Case Management Form?
If you're looking for a method to adequately complete the Illinois Mortgage Foreclosure Case Management Form without employing an attorney, then you're in the perfect spot.
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FAQ
What is Pre-Foreclosure? In Illinois, pre-foreclosure is the period where you get behind on your mortgage payments but before a foreclosure begins. During this time, the mortgagor can charge you the mortgagee fees, late fees, inspection fees and will send you a breach letter.
Foreclosure proceedings begin with a complaint filed by the lender. The borrower is served a copy of the complaint and a summons, along with a notice of his or her rights during foreclosure. In most cases, the borrower has 30 days to file a response. Failure to respond will result in a default judgment for the lender.
In nonjudicial states such as California, where foreclosure occurs without the courts, defaulting mortgage borrowers usually have 111 days until foreclosure. Judicial or court-ordered foreclosures, however, can take a year or more once a mortgage loan defaults.
Redemption. Subject to a few limited exceptions, you have 7 months from the date you are served to pay off your loan in full, either by refinancing the loan or by selling the house or by other means. This is called your right to redeem, and the 7-month period is called the redemption period.
In Illinois, your mortgage loan will automatically default after 90 days without payment. At this point, your lender will send a Notice of Default (NOD), which serves the purpose of informing you of their intent to foreclose on your property due to lack of payment.
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.
The purpose of the Residential Real Estate Mortgage Foreclosure Mediation Program ?Program? is to (1) alleviate the financial burden on Lenders, Homeowners, and taxpayers caused by residential mortgage foreclosures; (2) foster direct and meaningful communication between Lenders and Homeowners; (3) provide an
(Redemption refers to your right to pay off your loan, usually through a sale of the house or refinance.) Your house will be sold at a sheriff's foreclosure sale. Order confirming the sale of your property and order for eviction is entered. Order for eviction is stayed 30 days (giving you 30 days to move).
