Illinois Foreclosure Mediation Dates 2018 are dates set aside by the Illinois Supreme Court and the Illinois Supreme Court Bankruptcy Rules Committee for lenders and borrowers to attend mandatory mediation sessions to discuss potential solutions to foreclosure proceedings. These dates are designed to help homeowners facing foreclosure have a chance to discuss possible alternatives to foreclosure such as loan modifications, repayment plans, or other solutions. There are three different dates available in 2018: April 19, August 16, and December 20. All foreclosure mediation sessions must be held in accordance with the Illinois Supreme Court and the Illinois Supreme Court Bankruptcy Rules Committee rules. The sessions are held in the county courthouse in which the foreclosure was initiated and are attended by a mediator, the homeowner, their attorney, and representatives from the lender. During the session, the mediator will work with the parties to try to reach an agreement that is acceptable to all parties.
Illinois Foreclosure Mediation Dates 2018
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FAQ
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. (Source: P.A. 82-280.)
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.
Redemption is a period after your home has already been sold at a foreclosure sale when you can still reclaim your home. You will need to pay the outstanding mortgage balance and all costs incurred during the foreclosure process. Many states have some type of redemption period.
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
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.
In Illinois, you can redeem your home until the later of: seven months after you receive the summons of the foreclosure action (or are served by publication if the lender is unable to serve you the foreclosure papers personally) or. three months after the date that the court enters the judgment of foreclosure.