Foreclosure proceedings across the U.S. are based on a complex framework, which works around specific rules, laws and regulations. In Illinois, these are determined by the Illinois Code of Civil Procedure 735 ILCS Article 5, which deems lenders can sue borrowers who do not pay on time.
Many issues – including divorce to the death of a loved one, may have prevented you from making your mortgage payments on time, but that doesn’t mean you cannot fight it. As a borrower, you need to understand how the process works, as this will help you to preparing yourself for foreclosure or preventing it from happening.
How Foreclosures Work
In Illinois, mortgage payments must be paid on the first of every month, but if you can pay before the 15th, the payment will not be disputed. However, if it is processed after the 15th, you will have to pay a late fee.
If you also fail to pay the following month as well, you may receive a notice from the owner ordering you to pay in 30 days or opt for loss mitigation. You will face legal action with a second notice. If third payment is not made, the owner will file for foreclosure of the property. In Illinois, these are judicial notices, so you will get a court notice for not responding, which you will have to answer in 30 days.
If you fail to do this as well, the owner or foreclosing party will have grounds to sell the property at a foreclosure sale. However, if you decide to answer the summons by filing an answer and raise a defense, they may ask for summary judgment from the court in its favor. If their request is granted or your case is deemed invalid in court, the home will be foreclosed.
Receiving a notice for foreclosure can be one of the most stressful experiences in your life. The good news is you don’t have to go through the process alone. With an aggressive defense attorney from Covert Marrero Covert by your side, you can benefit from solutions that may never occur to you.
Since time will be of the essence, we make sure your case is handled in a timely manner. This includes offering a free relocation service, which can help you get back on your feet after the case has been resolved. If you live in Naperville, Schaumburg or Warrenville, IL, we can help you navigate the process and pick the option that’s right for you.