Illinois Additional Defenses for Mortgage Foreclosure Appearance & Answer is a legal document used in Illinois foreclosure proceedings. This document is used by the defendant to raise additional defenses to the foreclosure action brought against them. The document outlines the defendant’s contention that the foreclosure notice was defective and/or that the foreclosure was not properly conducted. The document also includes a sworn statement from the defendant, as well as any other evidence to support their claim. There are two main types of Illinois Additional Defenses for Mortgage Foreclosure Appearance & Answer: Default Defenses and Non-Default Defenses. Default Defenses are defenses which contest the validity of the foreclosure notice (such as a failure to provide prior notice, or a defective foreclosure notice). Non-Default Defenses are defenses which contest the manner in which the foreclosure was conducted (such as a lack of proper notice to the defendant, or a lack of proper due process).
Illinois Additional Defenses for Mortgage Foreclosure appearance & answer
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FAQ
The Illinois Mortgage Foreclosure Law provides for a specific right of reinstatement. In order to reinstate your loan, you must repay any missed payments and any costs and expenses required by the mortgage. You cannot be required to repay the amount of principal due as a result of the lender accelerating your loan.
Special redemption Up to 30 days after the judicial sale is confirmed, borrowers have a ?special right of redemption? if: The purchaser at the sheriff's sale was a mortgagee that was a party to the foreclosure case; and. The judicial sale price was less than the total amount required to redeem.
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. Sometimes you can have longer.
Equity of redemption (also termed right of redemption or equitable right of redemption) is a defaulting mortgagor's right to prevent foreclosure proceedings on the property and redeem the mortgaged property by discharging the debt secured by the mortgage within a reasonable amount of time (thereby curing the default).
In Illinois, there is a redemption period during which you have the legal right to pay off the total debt plus certain costs and interest and reclaim your property, even after a judgment of foreclosure. The property cannot be sold during 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. You miss your second payment. When your lender calls, it is important to pick up the phone and speak to your lender.
Right of redemption is a legal process that allows a delinquent mortgage borrower to reclaim their home or other property subject to foreclosure if they are able to repay their obligations in time.