Going through a foreclosure can be one of the most trying times of a person’s life. After making the commitment to buying a home or other property, outside forces have made paying for it difficult. Regardless of if you are going through a period of unemployment or underemployment, you are inundated with medical bills, or you have had other financial issues that make meeting your monthly obligations difficult, it is likely that facing a foreclosure is not your only problem. It is simply another issue to add to your list.
Since the wave of foreclosures that swept the nation several years ago, those that have fallen behind on their mortgages have received more options to use in trying to stave off foreclosure. If you are faced with a foreclosure, know that hiring an experienced attorney can help you as you negotiate with your lender to keep your home.
Attorney Rob Cohen has vast experience representing families facing foreclosure in and around Northern Illinois in a manner that those families can afford. If you face a foreclosure, contact him today for a free consultation.
Foreclosure Law in Illinois
When you finance a home, it is common to sign a promissory note and a mortgage. The promissory note is a promise to repay the loan that purchased your home. The mortgage makes your home security for that loan, meaning the lender has a right to it if you cannot repay them.
When you miss a payment, your loan will eventually go into default, when the process of foreclosure can begin. Before going into default, you will generally have a grace period during which you can catch up without penalty. This grace period is usually ten or fifteen days. After this grace period, you will be assessed a late fee, the details of which are described in your promissory note or your monthly statement.
If you fall behind on a few payments, expect calls from your mortgagor encouraging you to catch up on your payments while trying to collect those payments. This is a crucial period, as it may offer you a chance to get a loan modification, payment plan, or forbearance agreement. An attorney can be especially effective at negotiating such agreements.
Under federal law, mortgagors must wait 120 days before they can begin foreclosure proceedings in state court. Under Illinois law, this grace period is up to 90 days if you attend counseling.
Illinois requires all foreclosures to occur in court. This means that your lender must file a suit against you in state court. If you receive a complaint regarding a foreclosure, you must respond to the court within 30 days, or you may have a default judgment allowing the foreclosure. This is another time when an experienced foreclosure attorney can help you protect your rights.
Other things to note about foreclosure law in Illinois:
- In some counties, foreclosure mediation is available. This can help you avoid losing your home while you try to work out alternatives with your lender.
- You have the right to catch up on your mortgage, including all costs and fees the mortgagor paid in trying to enforce their mortgage, up to 90 days after you have been served with the complaint against you.
- In Illinois, a sale of your property after foreclosure cannot occur until the later of seven months after service of the complaint or three months after the date of judgment. During this period, you have the right to pay off the total debt so that you can keep the property.
- Additionally, you have a 30-day right to redeem after the sale occurs if the property was purchased by your lender and the price was less than the total debt. This means that you can pay off the debt and get your property back.
As you can see, foreclosure actions are both stressful and legally complicated. Attorney Rob Cohen understands during these times that, although you cannot afford much, one of your first priorities is doing what you can to keep your home.
If you face a foreclosure in and around Northern Illinois, contact Rob today for a free consultation. He wants to help you at a price you can afford.