As experienced Illinois foreclosure defense attorneys, we understand how stressful the foreclosure process can be. If you are facing the possibility of losing your property, please understand that you do have legal rights and options. One of the most effective ways to defend against foreclosure is by identifying and challenging mortgage lender errors.
Mortgage lenders in Illinois are required to follow specific legal guidelines throughout the foreclosure process, and even minor mistakes can be grounds for contesting the foreclosure action. These errors might include miscalculations, improper notices, or failure to adhere to Illinois foreclosure laws. When we identify these lender errors, we can effectively challenge the foreclosure, potentially giving you the opportunity to save your home. This potential to save your home should provide hope and optimism during this challenging time.
The foreclosure process in Illinois is governed by the Illinois Mortgage Foreclosure Law (IMFL), found under 735 ILCS 5/15-1101. The IMFL sets forth the legal procedures that lenders must follow when pursuing a foreclosure. For example, lenders must send a proper notice of default to the borrower and allow the homeowner time to address the alleged default. If a lender fails to provide this notice or sends it incorrectly, the foreclosure may be invalid. Lenders must also follow Illinois Supreme Court Rules 113 and 114, which detail the requirements for mortgage lenders to verify their right to foreclose on the property.
Mortgage lender errors can occur at various stages of the foreclosure process. Common errors include:
- Inaccurate accounting of mortgage payments
- Improper application of fees
- Miscalculations of the outstanding loan balance
These errors often lead to inflated amounts owed by the homeowner, which can result in an unjust foreclosure. By carefully examining the lender’s records, our attorneys can identify these errors or discrepancies and present a strong defense on your behalf.
It’s also important to ensure that the lender possesses the original promissory note. Illinois law requires lenders to demonstrate their standing by proving they have the right to foreclose on the property. If the mortgage lender is unable to produce the original note, we can challenge their authority to proceed with the foreclosure. This strategy has successfully stopped foreclosure actions, allowing homeowners to explore options like loan modifications or repayment plans.
When challenging a foreclosure, it’s critical to examine whether the lender complied with all pre-foreclosure requirements. Under 735 ILCS 5/15-1504, lenders must file a complaint that includes specific information, such as the nature of the default, the amount due, and evidence of compliance with applicable federal and state regulations. Failure to include this information can result in the dismissal of the foreclosure action.
Call Our Illinois Foreclosure Defense Attorney For Legal Help
At Covert Marrero Covert LLP, we understand the stress and uncertainty that foreclosure can bring. Our team of experienced Illinois foreclosure defense attorneys is ready to help you identify and challenge mortgage lender errors, providing you with the best possible chance to protect your home.
Contact our Illinois foreclosure defense attorney at Covert Marrero Covert LLP by calling us at (630) 717-2783 to schedule your initial consultation. Let us provide the guidance and support you need to explore your options and protect your home. With offices located in Warrenville, Schaumburg, Naperville, and Joliet, we are committed to serving clients throughout the entire Chicagoland metro area.
