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 is a legal document filed by a borrower or homeowner in the state of Illinois to halt a foreclosure sale on their property. This petition serves two purposes: to stop the foreclosure process temporarily and to determine the accurate amount owed on the promissory note and the associated deed of trust. In Illinois, there are different types of petitions related to foreclosure sales and the ascertainment of the amount owed. These may include: 1. Emergency Petition to Enjoin Foreclosure Sale: This petition is filed when the borrower believes that there is an immediate threat of losing their property due to an imminent foreclosure sale. It requests the court to issue an emergency injunction to halt the sale until the amount owed can be determined. 2. Petition Seeking Ascertainment of Amount Owed on Note and Deed of Trust: This petition is filed to determine the actual outstanding balance on the promissory note and associated deed of trust. It aims to scrutinize the loan documents and challenge any discrepancies or errors in the amount claimed by the lender. 3. Petition to Enjoin Foreclosure Sale and Contest Amount Owed: This petition is filed when the borrower wishes to challenge the foreclosure process itself, arguing that it is invalid or improper. Simultaneously, it seeks to contest the amount claimed by the lender, asserting that it is inaccurate or inflated. 4. Petition to Enjoin Foreclosure Sale and Request Mediation: In some cases, borrowers may want to explore alternatives to foreclosure, such as loan modification, repayment plans, or mediation. This petition requests the court to halt the foreclosure sale and order both parties to engage in mediation proceedings to reach a mutually agreed-upon solution. When filing an Illinois Petition to Enjoin Foreclosure Sale and Seeking Ascertainment of Amount Owed on Note and Deed of Trust, it is essential to consult with an experienced attorney who specializes in foreclosure defense. They can guide borrowers through the legal process, gather relevant evidence, draft the petition accurately, and represent their interests in court proceedings.
