Illinois Clauses Relating to Defaults, Default Remedies
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FAQ
How can an event of default be cured? Agreements typically allow the defaulting party an opportunity to cure or remedy the default within a certain period before negative consequences apply. The grace period could be days, weeks, or longer, and some agreements allow for a maximum number of cures.
Mortgage default: If the loan reaches 30 or more days past due, the delinquency is reported to the credit bureaus. If the borrower's delinquent payments have broken the agreement in the promissory note, the lender may consider the mortgage in default.
Other remedies that lenders can consider if an event of default exists under a loan agreement are: Refusing to make further loans or issue additional letters of credit. Accelerating the borrower's loan repayment obligations. Requiring the borrower to cash collateralize undrawn and unexpired letters of credit.
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.
When a loan defaults, it's sent to a debt collection agency whose job is to collect the unpaid funds from you. A loan default can drastically reduce your credit score, impact your future eligibility for credit and even lead to the lender seizing your personal property.
However, the borrower may also ?cure? the defaults, typically by making payments to bring the loan current. The cure generally means the borrower can avoid the consequences of default so that the loan is reinstated and the borrower can keep the property securing the loan.
How to Cure a Mortgage Loan Default. You can cure a payment default by paying the amount due, plus any allowable costs and fees, by a specific time before a foreclosure sale. The cure amount includes just overdue payments, fees, costs, and interest?not future or accelerated payments.
?Curing? or ?remedying? the default means correcting the failure or omission. A common example is a failure to pay the rent on time.