The courts have inherent power to restrain the sale of mortgaged premises in foreclosure proceedings, but are reluctant to exercise such power except where it is shown that particular circumstances, extrinsic to the instrument, would render its enforcement in this manner inequitable and work irreparable injury, and that complainant has no adequate remedy at law. Furthermore, a party must show a probable right of recovery in order to obtain a temporary injunction of a foreclosure action.
Illinois Petition to Enjoin Foreclosure Sale and Seeking Ascertainment of Amount Owed on Note and Deed of Trust
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How to fill out Petition To Enjoin Foreclosure Sale And Seeking Ascertainment Of Amount Owed On Note And Deed Of Trust?
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FAQ
In Illinois, it can take approximately 12-15 months for a foreclosure to be completed. Call your lender or a HUD-certified counseling agency as soon as you can.
At this point, you're probably wondering what's the best way to stop foreclosure in Illinois. There are three ways - reinstating the loan, redeeming the property before the sale, or filing for bankruptcy. Well, here's some news - filing for bankruptcy is your best option to keep your home!
30 days after the confirmation of the foreclosure sale (see #8), the purchaser of the property has the right to take possession of the property and evict the tenants.
In Illinois, your mortgage loan will automatically default after 90 days without payment. At this point, your lender will send a Notice of Default (NOD), which serves the purpose of informing you of their intent to foreclose on your property due to lack of payment.
This is called your right to redeem, and the 7-month period is called the redemption period. Sometimes you can have longer. The redemption period also runs for 3 months after a foreclosure judgment is entered, so, depending on when a judgment is entered, the redemption period can run longer than 7 months from service.
The required activities that occur during the Pre-Foreclosure phase are 1) Default , 2) Loss Mitigation and 3) Notice of Loan Acceleration. Default. The initial pre-foreclosure activity in any Illinois foreclosure action is a ?default.? A default is when a borrower fails to comply with the terms of a mortgage loan.
In Illinois, the foreclosure process can start about 4 months after your first missed mortgage payment. The entire foreclosure process takes several months to complete.
Redemption. Subject to a few limited exceptions, you have 7 months from the date you are served to pay off your loan in full, either by refinancing the loan or by selling the house or by other means. This is called your right to redeem, and the 7-month period is called the redemption period.