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Foreclosures Woodridge IL

Foreclosures Woodridge IL – ASM Law – Call 847-231-3999

Foreclosures Woodridge IL

Foreclosures Woodridge IL

It’s important to recognize the seriousness of the situation if you’re getting behind on your monthly mortgage payments. It’s critical to take action promptly or the lender can start to foreclose on your mortgage. There are effective steps you can take, fortunately, to fight against Foreclosures Woodridge IL.

The experienced lawyers at ASM Law are here to help you remain in your home.

Some understanding of how the process works will help you prepare:

-Getting behind. It is not unusual for a family or individual to fall behind occasionally on their bills. A late mortgage loan payment is not automatically a major issue on its own.

Generally, lenders provide a 15-day grace period from the time of the due date, then assess late fees after that. Your lender will likely begin sending letters and calling you, as well as offer payment plans or other ways to help you get caught up.

If you miss some payments and get to the 90-day point, the lender could consider your loan to be in default. After you’re delinquent by 120 days or longer, your lender can start Foreclosures Woodridge IL in court.

The state of Illinois views foreclosures as judicial, which means the court has jurisdiction over it.

-Breach and demand letters. Mortgage agreements in the state of Illinois usually contain a provision requiring lenders to inform the borrower when loan goes into default prior to taking legal action. These notices are known as a breach letter or demand letter. They include information like:

-Reasons why the loan is in default and what actions could resolve it.
-A deadline – typically a minimum of 30 days from the date on the letter – for resolving the loan default.
-Notification that failing to resolve the loan default will accelerate it and possibly lead to the sale of the home.

If the borrower fails to address a mortgage in default, the mortgage lender may choose to file a Foreclosures Woodridge IL action in court. This is usually done in the county where the home is located. The lender filing a complaint starts the Foreclosures Woodridge IL process.

The borrower then receives a copy of the complaint, a summons and a notice of their rights during the foreclosure. In many cases, the borrower will have 30 days in which to file their response. Failure to respond will result in a default judgment for the lender.

If you’ve received a summons informing your that a foreclosure proceeding has started against you, ASM Law can draft a response for you.

Depending upon your case’s circumstances, the court might enter a summary judgment that’s in favor of the lender. Alternatively, the court might set a date for a trial. If the court decides in favor of your lender, then a judgment of foreclosure is entered against you.

In Illinois, there’s a redemption period where you have a right to pay the full debt in addition to interest and costs to reclaim the property. The property can’t be sold in this period, which expires 3 months from the date of judgment or 7 months from serving the initial complaint.

Sale of the Property and Eviction

The lender must publish notification of the sale in a local news outlet for a minimum of 3 consecutive weeks before selling a foreclosed property. Also, the borrower must receive notice of the sale at least ten days before the sale.

Call 847-231-3999 today to learn more information about Foreclosures Woodridge IL. Our lawyers can evaluate your case and possibly help you hold on to your home.

Get FREE Consultation today by calling us at 847-231-3999!

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