Illinois Summons Residential Foreclosure (and Notice) is a legal document used by lenders in the state of Illinois to commence foreclosure proceedings. The document is served to the borrower and notifies the borrower of the lender’s intention to foreclose on the mortgage. The document outlines the total amount due and the date by which the borrower must pay the amount due in order to prevent foreclosure. Depending on the circumstances of the loan, the document may also include a Notice of Sale and a Notice of Default. The Notice of Sale includes information on when and where the sale of the property will be held. The Notice of Default outlines the reasons for the foreclosure action and the amount due. The three types of Illinois Summons Residential Foreclosure (and Notice) are: 1. Summons for Regular Foreclosure: This document includes information about the lender's right to foreclose on the property. 2. Summons for Acceleration Foreclosure: This document includes information about the lender's right to accelerate the loan and begin foreclosure proceedings. 3. Summons for Judicial Foreclosure: This document includes information about the lender's right to pursue a court action to foreclose on the property.
Illinois Summons Residential Foreclosure (and Notice)
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