Sadly, the state of Illinois is facing a foreclosure problem, where one in every 1,926 housing units is dealing with a foreclosure filing. The worst foreclosure rates in August 2022 for the state were in Chicago, IL which saw one in every 1,877 housing units in foreclosure status.
In Peoria, IL one in every 869 housing units experienced a foreclosure filing, and in Rockford, IL one in every 1,496 housing units is in foreclosure status.
These numbers should sound an alarm for the residents in the state of Illinois. Now is the time to start acting and reaching out to mortgage lenders to prevent foreclosures.
Illinois Foreclosure
Typically in Illinois, the homeowner will first receive a preforeclosure notice known as a “Breach Letter” letting the homeowner know that the mortgage monthly payments are in default.
If the homeowners fail to cure the default, next the lender can accelerate the loan which means the loan will be called due. This is the first process the mortgage lender will use to go ahead with starting the foreclosure sale.
The homeowner will have a chance to answer in court and if the homeowner fails to respond the lender will win a foreclosure judgment of default. Allowing the mortgage lender to foreclose and take possession of the property. The homeowner will then be forced to leave by court order.
The lender uses 2019 Illinois Compiled Statutes Chapter 735 – CIVIL PROCEDURE 735 ILCS 5/ – Code of Civil Procedure. Article XV – Mortgage Foreclosure.
The best time to react in a foreclosure situation is immediately, to help resolve the matter as quickly as possible. Delaying reacting to a foreclosure situation could result in losing all legal rights to respond timely.
In a foreclosure matter, identifying errors concerning the promissory note and mortgage addresses if the mortgage lender holds enforceable security interest to conduct a foreclosure sale.
Learn how-to use Foreclosure Survival Swipe Forms to defend against mortgage foreclosure.
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