As an experienced Illinois foreclosure defense attorney, I understand the emotional turmoil of possibly losing your home. Fighting foreclosure is not just about keeping a roof over your head; it’s about claiming your rights and exploring all possible avenues under the law to keep your financial future intact. Here are compelling reasons, rooted in Illinois statutes, why you should fight against foreclosure.
Illinois Allows A Reinstatement Period
Under the Illinois Mortgage Foreclosure Law, 735 ILCS 5/15-1602, a homeowner may reinstate his or her mortgage up to 90 days after being served with a foreclosure notice. You may stop the foreclosure process by paying delinquent payments, fees, and costs. This is a grace period in which you are allowed to be back in control so as not to lose your home, and it allows you a critical window to improve your financial situation.
Loan Modification Opportunities
Illinois encourages lenders and borrowers to explore loan modifications prior to foreclosure. Programs like the Home Affordable Modification Program may help you get your payments down to an amount that you can reasonably afford in order to stay in your home, helping you further your goals of long-term financial stability.
Right To Redemption
Illinois law also provides for a redemption period; 735 ILCS 5/15-1603, typically up to seven months from the date of service or three months from the date of entry of the judgment of foreclosure. During such period, you can pay in, in full, the total mortgage debt and retain your home. Your right to redemption can be a great tool to forestall the loss of your home.
Judicial Foreclosure Process
Since Illinois has a judicial foreclosure process, all foreclosures are driven through the court system. What this implies is that the judge has to review every case, and you get to bring up defenses or whatever irregularities in the foreclosure process, like improper notice or predatory lending practices. Sometimes, this may be to your advantage, adding another layer of protection.
Deficiency Judgments
If the sale of your home is not sufficient to pay off your mortgage debt, a lender can sue for a deficiency judgment against you in Illinois. However, contesting the foreclosure can also mean contesting or reducing that judgment and thereby preserving your other assets and future earnings.
Losing one’s home to foreclosure is not an inevitable fact. There are several defenses and rights under Illinois that might be utilized to great advantage against foreclosure. If you are facing foreclosure, the earlier you take action, the more all of these rights will be preserved, and the better your chances of a decent outcome.
Contact Our Illinois Foreclosure Defense Attorney To Save Your Home
If you have any foreclosure issues or other mortgage-related questions, please do not hesitate to contact Covert Marrero Covert LLP today. With our knowledgeable staff, we can aggressively represent you in a court of law to protect your home and your rights. Contact our Illinois foreclosure defense attorney at Covert Marrero Covert LLP by calling 630-717-2783 to receive your free consultation. We have locations in Warrenville, Naperville, and Schaumburg, Illinois, and would be happy to help you through this process.
