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What to Know About Illinois Foreclosures

Posted on in Foreclosure

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. 

Other rights that homeowners are typically guaranteed include:

  • The right to apply for loss mitigation

  • Depending on the county, the right to participate in mediation

  • The right to respond to the foreclosure notice in court

  • If the homeowner is in the military, they may have the right to special protections

  • The right to pay off the loan to avoid a foreclosure sale

  • In some cases, homeowners may have the right to redeem the property after the sale

Contact Our Wheaton, IL Real Estate Attorneys

When a home is under foreclosure, homeowners may feel at a loss and not know where to turn. If you a concerned that your home is approaching foreclosure or it already has, a DuPage County real estate attorney can help you better understand your rights and what steps you may be able to take to start recovering. Contact Stock, Carlson & Duff LLC today to learn how we can help you through this difficult time by calling 630-665-2500.

Sources:

https://www.ilga.gov/legislation/ilcs/ilcs4.asp?ActID=2017&ChapterID=56&SeqStart=107100000&SeqEnd=115800000

 

 

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