The Illinois Mortgage Foreclosure Mediation 21-Day Status Order is a process used to delay the initiation of foreclosure proceedings in the state of Illinois. This process gives homeowners facing foreclosure an opportunity to negotiate a loan modification or other resolution with their lender prior to a foreclosure sale. There are two types of Illinois Mortgage Foreclosure Mediation 21-Day Status Order: an initial 21-day status order and a 21-day status order extension. An initial 21-day status order is issued by the court when a homeowner has filed a motion for foreclosure mediation. This initial status order gives the parties 21 days to negotiate a resolution and enter into a binding agreement. The 21-day status order extension is issued by the court if the parties need additional time to reach a resolution. This extension gives the parties an additional 21 days to negotiate a resolution and enter into a binding agreement.
Illinois Mortgage Foreclosure Mediation 21-Day Status Order
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How to fill out Illinois Mortgage Foreclosure Mediation 21-Day Status Order?
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FAQ
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.
The right of redemption allows homeowners to keep their homes if they pay back what they owe even after their lender starts the foreclosure process or puts the home up for sale at public auction.
In Illinois, it is possible for lenders to get a deficiency judgment against borrowers, in order to attempt to attain the outstanding balance of the borrower's loan after their property has been foreclosed.
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.
The right of redemption, in the law of real property, is the right of a debtor whose real property has been foreclosed upon and sold to reclaim that property if they are able to come up with the money to repay the amount of the debt.
The purpose of the Residential Real Estate Mortgage Foreclosure Mediation Program ?Program? is to (1) alleviate the financial burden on Lenders, Homeowners, and taxpayers caused by residential mortgage foreclosures; (2) foster direct and meaningful communication between Lenders and Homeowners; (3) provide an