Homeowner’s Rights During a Foreclosure in Illinois

Homeowner’s Rights During a Foreclosure in Illinois

Facing foreclosure may feel like the end of the world, but it doesn’t mean you should give up hope of keeping your home. In fact, many homeowners aren’t aware of all the options they have when facing foreclosure. Keep reading to discover exactly what your rights are during a foreclosure in Illinois.

Occupants can remain in the home

If you receive a notice that foreclosure actions have been filed on your home, don’t worry about having to move out right away. In Illinois, lawful occupants of a home have the right to live there until a judge puts in an order of possession. Until this happens, you don’t need to feel intimidated into moving out of the house. Even though you may be behind on your mortgage payments, you are still the legal owner of the home, and no one can force you to leave while this is true.

It’s understandable to see why a lender would try to get occupants out of a foreclosed home as soon as possible. There are many stories about people intentionally wrecking a home before losing possession. However, there are many more stories about homeowners who leave peacefully, and in this case, the law is on the side of the homeowner.

You can bring your mortgage current

Homeowners have the right to end foreclosure proceedings by bringing their past due mortgage bill current. Foreclosure is a process, and all hope is not lost once a bank takes the first step. In Illinois, you have up to 90 days after receiving a summons to bring your mortgage current. You also have the right to try and work out other options with your mortgage company. Most lenders don’t actually want to go through the hassle of foreclosure procedures and may be willing to work with you to avoid repossessing the home.

The right to information

You can request a written statement with the full loan amount from your mortgage company, and they must comply within ten business days. Just note that your request must be in writing and contain all the relevant information about your account. You also have the right to hire a lawyer or free legal assistance.

You have the right to sell your home

During the redemption period, you have the right to sell, refinance, or pay off the loan on your home. If possible, work with your lender to find a way to avoid proceeding with the foreclosure.

If you do decide to sell your home to avoid foreclosure, make sure you work with a reputable buyer.  Certain groups may try to take advantage or what they perceive as a desperate situation for a homeowner. Consider getting a quote for your home from We Buy Ugly Houses Chicago. We pay cash and can buy your home as-is. Check out our testimonials page to hear from people who’ve worked with us in the past.