ment. Once the specified grace period has passed, however, the homeowner may be subjected to a late fee. This late fee can then be accrued each month the loan goes unpaid. Lenders may also perform property inspections to determine if the home is still occupied and properly maintained.
What are a Homeowner’s Contractual Rights During Foreclosure?
Due to the documents signed when buying a residential property such as a promissory note and mortgage, rights and protections are also granted to the homeowner.
An Illinois homeowner facing foreclosure will likely have the right to receive a preforeclosure notice. This notice is referred to as a “breach letter”. The letter notifies the homeowner that their loan has defaulted and allows the homeowner time to correct this before a lender can move forward with the foreclosure.
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