If My Home Is Being Foreclosed on, When Do I Have to Leave the Property?

 Posted on December 17, 2019 in Foreclosure

Facing a possible foreclosure can be a terrifying ordeal. You may worry that you will have to immediately leave your home or even become homeless. The good news is that the foreclosure process takes several months. Although even one missed mortgage payment could technically be enough to violate a mortgage contract, missing one or two mortgage payments will generally not initiate foreclosure proceedings. The majority of lenders will not start taking actions to foreclose on a home until the borrower is three or more payments behind.

Furthermore, just because foreclosure proceedings have begun does not mean you must immediately vacate your home. Illinois law considers the borrower to be the lawful occupant of the home until a judgement of possession is entered. The process of gaining a judgement of possession in Illinois usually takes nine months or more.

Illinois Homeowner’s Rights Act Gives You Certain Protections

A lender cannot simply choose to foreclose on a home out of the blue. The Illinois Homeowner’s Rights Act was passed in 2009, and it requires certain procedures to be followed before the foreclosure proceedings can begin. First, the lender will send you a notification of its intention to foreclose. Next, the lender will file a lawsuit which explains the grounds for the foreclosure request. At this point, you will have 90 days to pay the outstanding mortgage payments in order to reinstate your mortgage. If you are able to become current on your mortgage payments and resume the agreed-upon payment schedule, you will be able to keep your home.

During the approximate seven months following the summons, called the “redemption period,” you have the option of selling the home or refinancing the mortgage. If you do not take these actions in the given time period, the lender has the right to sell the home. After the home is sold, the lender will file a petition for possession. Once the court grands the possession request, you will be forced to vacate the home.

Contact a Libertyville Foreclosure Defense Attorney

If you have been issued a notice of foreclosure, you still have options. Contact the compassionate and highly-skilled foreclosure defense lawyers at Newland & Newland, LLP today. We will sit down with you and learn about the specifics of your situation. Then, we will look for ways to avoid foreclosure. Throughout the process, we will ensure that your rights are fully protected. Schedule a confidential consultation with an accomplished Lake County foreclosure lawyer by calling our office at 847-549-0000 today.

Sources:

http://www.illinoisattorneygeneral.gov/consumers/SB1879_Home_Owner_Rights.pdf

http://www.ilga.gov/legislation/publicacts/fulltext.asp?Name=095-0961

http://ilga.gov/legislation/ilcs/documents/073500050K15-1602.htm