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Illinois Mortgage Foreclosure Mediation 21-Day Status Order

State:
Illinois
Control #:
IL-SKU-0621
Format:
PDF
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Description

Mortgage Foreclosure Mediation 21-Day Status Order 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.

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.

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Mortgage Mediation