Illinois Summons-Residential Foreclosure is a legal document that is sent to homeowners by their lender when they have failed to make their mortgage payments. The summons is used to start the process of foreclosure, which is when the lender takes possession of the property and sells it to recoup their losses. The summons includes information about the amount of the debt, the name of the lender, the date the debt was incurred, the deadline for payment, and the right to object to the foreclosure. There are two types of Illinois Summons-Residential Foreclosure: Judicial Foreclosure and Nonjudicial Foreclosure. Judicial Foreclosure requires the lender to file a lawsuit in court and obtain a judgment of foreclosure against the homeowner. Nonjudicial Foreclosure does not require court action and is generally more cost-effective and faster for the lender.
Illinois Summons-Residential Foreclosure
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How to fill out Illinois Summons-Residential Foreclosure?
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