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Judgment Lien Forms Foreclosure In Chicago
Category:
State:
Multi-State
City:
Chicago
Control #:
US-0025LTR
Format:
Word;
Rich Text
Instant download
Description
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FAQ
Following a first mortgage foreclosure, all junior liens (including a second mortgage and any junior judgment liens) are extinguished, and the liens are removed from the property's title. However, the second mortgage debt and creditor's judgment remain, even though they're no longer attached to the foreclosed property.
A judge in the Circuit Court of Cook County oversees the foreclosure process, which typically involves the lender filing a lawsuit against the homeowner for defaulting on the mortgage. If the Court finds in favor of the lender, it can result in the forced sale of the property to repay the outstanding mortgage debt.
You must file the Answer with the Clerk of Courts. Your Answer is due 28 calendar days after you got the Summons and Complaint by Once foreclosure case is filed against you in court, you are a defendant in the lawsuit and will receive a copy of the complaint. You have 28 days to respond.
You must present your objections to the foreclosure by filing an "answer" with the court by a specific deadline. What's an "Answer" in a Lawsuit? If you want to respond to the suit, an answer is the document that you file with the court and serve to the other parties in the case.
If you've already been served a foreclosure complaint, you must file an answer very quickly and accurately. You might also have to file motions and make court appearances. If you're facing a nonjudicial foreclosure, you'll need to file a lawsuit to stop the process.
Your house will be sold at a sheriff's foreclosure sale. Order confirming the sale of your property and order for eviction is entered. Order for eviction is stayed 30 days (giving you 30 days to move). Order of eviction goes to sheriff.
Yes, a house can be sold with a lien on it, but the process involves additional steps to ensure a smooth transaction. The lien typically needs to be resolved before or during the sale to provide the buyer with a clear title. Buyers and lenders usually require assurance that the lien will not transfer with the property.
Once you are delinquent by 120 days or more, your lender can initiate foreclosure proceedings in court. Illinois is a state in which all foreclosures are judicial foreclosures, which means the court system has jurisdiction over the matter.
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