Illinois Motion For Judgment For Foreclosure And Sale
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How to fill out Illinois Motion For Judgment For Foreclosure And Sale?
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FAQ
Generally, the deficiency amount is the difference between the home's fair market value and the total mortgage debt. But Illinois law prohibits a deficiency judgment unless the borrower agrees to remain liable by signing an agreement at the same time as the deed in lieu.
When You Have to Leave After an Illinois Foreclosure Sale The foreclosed homeowner can remain in the home for 30 days after the court confirms the sale.
Foreclosure proceedings begin with a complaint filed by the lender. The borrower is served a copy of the complaint and a summons, along with a notice of his or her rights during foreclosure. In most cases, the borrower has 30 days to file a response. Failure to respond will result in a default judgment for the lender.
If the court grants summary judgment in favor of the bank, typically after a hearing, the bank wins the case, and your home will be sold at a foreclosure sale.order the foreclosure sale, or. dismiss the case, usually without prejudice. (Without prejudice means the bank can refile the foreclosure.)
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.
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.
The process, known as "statutory redemption," allows mortgagors (homeowners) a limited amount of time, often one year, to reclaim (or redeem) the property if they are able to pay what the property sold for at the foreclosure sale.
To get the deficiency judgment, the bank has to file an application with the court within three months of the foreclosure sale. The judge will then hold a fair value hearing to determine the property's value.
