Foreclosure is a harsh reality and comes without prior notice. It happens because every mortgage is legally covered, by contractual term, that a foreclosure will occur in case of non-payment. Ideally, avoiding circumstances that lead to foreclosure in Illinois is the best course of action, but financial hardships can make it difficult. You need the help of an experienced lawyer in this case, who can help you avoid a foreclosure.
The Initial Process
Learning about foreclosure allows you to prepare yourself better. Most of the mortgage laws applied in Illinois are the same as in other parts of the country. A homeowner can face foreclosure if they are not on their guard and keep missing their repayments in a successive manner.
The finer details of a mortgage loan in Illinois describes the presence of a promissory note where you agree to make periodic payments, within an allotted time. Typically, there is a grace period that allows you to be only late two weeks on each payment. Issues arise when you miss your payments constantly, due to your financial situation.
The Financial Protection Bureau states that you must have a service notice that shows you have been delinquent with your mortgage payments for 120 consecutive days, before the lender can begin the legal foreclosure process. This is a long period that allows you to prepare yourself to fight foreclosure. This period is often termed as the pre-foreclosure period, where you must take the right steps to save your property and credit score. This is a period where we recommend that you seek the help of a foreclosure lawyer and discuss your available options.
Your mortgage lender can start the initial process of foreclosure by sending you a breach letter. This is a document that informs you the action that you must take immediately to respond legally. It also gives you a notice of at least 30 days in Illinois. Failing to do so may lead to a foreclosure. If you are vigilant, then you may not be surprised by the foreclosure notice.
To reply successfully, you should seek the support of a lawyer who understands real estate matters and often deals with elements of mortgage and foreclosure. This is only possible, when you understand the right way to fight a foreclosure in Illinois.
You must understand that all foreclosure processes are judicial in Illinois. An experienced foreclosure attorney understands the current situation of your mortgage and helps you out in every imaginable scenario. Remember, the court will always summon a borrower and allow them to file an official answer, which gives you a fighting chance.
You can successfully fight with the ideal legal help. All you need to remember is to reply to the summon of the court to ensure that the lender cannot proceed the case without your participation. Contact Casement P.C., to schedule a free consultation today.