Keeping possession of real property without a right, such as after a lease has expired or after the real property has be sold by the possessor, may entitle the owner to file a lawsuit for "unlawful detainer," asking for possession by court order, unpaid rent and damages. This form is for illustrative purposes only. Local laws should be consulted to determine any specific requirements for such a notice in a particular jurisdiction.
Illinois Complaint or Petition by Purchaser Against Possessor of Real Property After a Foreclosure Sale Pursuant to a Deed of Trust
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How to fill out Complaint Or Petition By Purchaser Against Possessor Of Real Property After A Foreclosure Sale Pursuant To A Deed Of Trust?
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FAQ
13-115. Foreclosure of mortgage. No person shall commence an action or make a sale to foreclose any mortgage or deed of trust in the nature of a mortgage, unless within 10 years after the right of action or right to make such sale accrues.
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.
The required activities that occur during the Pre-Foreclosure phase are 1) Default , 2) Loss Mitigation and 3) Notice of Loan Acceleration. Default. The initial pre-foreclosure activity in any Illinois foreclosure action is a ?default.? A default is when a borrower fails to comply with the terms of a mortgage loan.
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.
At this point, you're probably wondering what's the best way to stop foreclosure in Illinois. There are three ways - reinstating the loan, redeeming the property before the sale, or filing for bankruptcy. Well, here's some news - filing for bankruptcy is your best option to keep your home!
15-1209. Mortgagor. "Mortgagor" means (i) the person whose interest in the real estate is the subject of the mortgage and (ii) any person claiming through a mortgagor as successor. Where a mortgage is executed by a trustee of a land trust, the mortgagor is the trustee and not the beneficiary or beneficiaries.
This is called your right to redeem, and the 7-month period is called the redemption period. Sometimes you can have longer. 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.
In Illinois, the foreclosure process can start about 4 months after your first missed mortgage payment. The entire foreclosure process takes several months to complete.
