The Illinois Order to Extend Mortgage Foreclosure Timeline is an order issued by the Governor of Illinois, JB Pritzker, to protect homeowners from foreclosure during the state of emergency due to the coronavirus pandemic. The order extends the timeline for mortgage foreclosure proceedings to 90 days from the date of the Order to April 30, 2021. The Order also requires lenders to give a 30-day notice before filing any lawsuit to initiate foreclosure proceedings. In addition, lenders are required to provide a 60-day grace period for homeowners to catch up on their mortgage payments and 4-month forbearance period for those affected by COVID-19. The Illinois Order to Extend Mortgage Foreclosure Timeline applies to all residential properties in the state of Illinois, either owner-occupied or rental properties. The order also applies to all types of mortgage loan products, including but not limited to conventional, FHA, VA, and reverse mortgages. The Order to Extend Mortgage Foreclosure Timeline is part of the Governor’s efforts to help homeowners stay in their homes during the pandemic. It is intended to provide a cushion for homeowners to catch up on their payments without having to worry about foreclosure.
Illinois Order to Extend Mortgage Foreclosure Timeline
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(1) Notice Required. In all mortgage foreclosure cases where the borrower is defaulted by court order, a notice of default and entry of judgment of foreclosure shall be prepared by the attorney for plaintiff and shall be mailed by the Clerk of the Circuit Court for each judicial circuit.
13-115. Foreclosure of mortgage. No person shall commence an action or make a sale to foreclose any mortgage or deed of trust in the nature of a mortgage, unless within 10 years after the right of action or right to make such sale accrues.
15-1209. Mortgagor. "Mortgagor" means (i) the person whose interest in the real estate is the subject of the mortgage and (ii) any person claiming through a mortgagor as successor. Where a mortgage is executed by a trustee of a land trust, the mortgagor is the trustee and not the beneficiary or beneficiaries.
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.
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.
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.
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.
(Redemption refers to your right to pay off your loan, usually through a sale of the house or refinance.) Your house will be sold at a sheriff's foreclosure sale. Order confirming the sale of your property and order for eviction is entered. Order for eviction is stayed 30 days (giving you 30 days to move).