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  • Illinois Mortgage Help and Illinois Homeowner’s Rights
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    Most US states are providing their citizens with targeted help in avoiding home foreclosures. If you are a resident of Illinois struggling to make your mortgage payments and want to avoid foreclosure you should be interested in this information. Each state has different laws that regulate foreclosure procedure; make sure you know the law of your state.


    In the state of Illinois the law requires lenders to provide homeowners with information on their legal rights and explain what options they have when filing a foreclosure claim.¬†This notice (see reference below) must include a detailed description of the homeowner’s rights and practical advice on the next steps they can take. These rights include:

    The right of possession.

    This means a homeowner can live in his house until a judge files an order for possession. No bank, loan servicer, or debt collector can force you out of your house; only a judge can. Illinois law specifically bans power sales without a judicial foreclosure. According to the Illinois mortgage foreclosure law (see reference below) anyone who “threatens to injure the person or property of occupants or mortgages real estate, or knowingly gives such occupants false and misleading information or who harasses or intimidates such occupants, with the intent of inducing such occupants to abandon the mortgaged premises, in order to obtain a finding of abandonment under subsection (b) of Section 15?1603 or subsection (d) of Section 15?1706 of this Article, shall be guilty of a Class B misdemeanor.

    Ownership rights.

    You are the owner of your home, not the bank, at least until the court says so. This means you are in the driving seat; you decide what is done to your property until the court decides on the foreclosure.

    Reinstatement Rights.

    You have the right to pay to bring the mortgage current within three months of your court summons.

    Redemption rights.

    In Illinois you have seven months from the date the foreclosure was serviced if you live in the house; six months if it is not your primary residence; or three months after the foreclosure judgment is entered.  Remember, during this time you have the right of selling, refinancing, or paying the loan in full. This means you have up to seven months to find a solution from the foreclosure process begins; good reason to start working on a solution as soon as possible.

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    Rights of Foreclosure Surplus.

    If your home does foreclose and your house is sold, you have rights over any surplus remaining after the mortgage and any additional expenses are paid.

    Payoff Amount rights.

    Once you receive your foreclosure notice you can request a written statement of the total amount needed to pay off your mortgage. The bank or servicers must reply to your request in 10 business days from receiving the payoff amount request. The first request is free. It is useful to know the exact amount you owe on your home, as it gives you a specific target to aim for when refinancing, selling, or modifying your loan.

    If you would like more information on your legal rights as a homeowner you can visit the Illinois Attorney General website which provides help for Illinois homeowners (see reference below).

    Illinois Mortgage Payment Help

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    Illinois Mortgage Foreclosure Law

    Fact Sheet attached to foreclosure home notices in Illinois.

    Example of Mortgage Foreclosure Summons.

    Illinois AG, Lisa Madigan, aid for homeowners.

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