Illinois Sample Letter regarding Information for Foreclosures and Bankruptcies
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How to fill out Sample Letter Regarding Information For Foreclosures And Bankruptcies?
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FAQ
After commencement of a foreclosure proceeding under this Article a mortgagor of residential real estate or other mortgagor who is otherwise so prohibited may waive the mortgagor's rights of reinstatement and redemption, or either of them, if (i) the mortgagor expressly consents in writing to the entry of a judgment ...
Once you are delinquent by 120 days or more, your lender can initiate foreclosure proceedings in court. Illinois is a state in which all foreclosures are judicial foreclosures, which means the court system has jurisdiction over the matter.
30 days after the confirmation of the foreclosure sale (see #8), the purchaser of the property has the right to take possession of the property and evict the tenants.
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, you can redeem your home until the later of: seven months after you receive the summons of the foreclosure action (or are served by publication if the lender is unable to serve you the foreclosure papers personally) or. three months after the date that the court enters the judgment of foreclosure. (735 Ill ...
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.
