The Illinois Notice of Hearing on Petition for Turnover of Surplus Forms is a legal document used to initiate the process of turning over surplus funds from a trust or other fiduciary account to the beneficiaries of the trust or account. This document is used to notify the beneficiaries of the trust or account of a hearing date where they can present their case for the distribution of the surplus funds. There are two types of Illinois Notice of Hearing on Petition for Turnover of Surplus Forms: the Notice of Hearing on Petition for Turnover of Trust Funds form and the Notice of Hearing on Petition for Turnover of Account Funds form. Both forms include the name of the trust or account, the date and time of the hearing, and the address of the court where the hearing will take place. The forms also provide a list of the beneficiaries of the trust or account, and a statement that the parties involved must appear in court on the hearing date to present their case.
Illinois Notice of Hearing on Petition for Turnover of Surplus Forms
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How to fill out Illinois Notice Of Hearing On Petition For Turnover Of Surplus Forms?
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FAQ
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.
The Notice of Motion shall designate the Judge to whom the Motion will be presented for hearing; shall show the title and number of the action, the title of the Motion, the date when the Motion will be presented, the time it will be presented, the courtroom where it will be presented, and the address of the Courthouse
How do I get my surplus? After there is a final order of foreclosure, you can petition the court for the surplus funds. You must fill out a Petition to Turnover Surplus Funds, and any other forms required by the court, and file them with the circuit clerk.
(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.
In general, if no other liens or claims exist, the owner of the property which is sold at auction has the right to collect any surplus funds after foreclosure. However, if any liens or claims exist, they would have priority over the owner of the property to the surplus foreclosure funds.
In a foreclosure sale, a surplus fund is a difference between the equity of the home and the amount the house was sold for. For example, if the house was sold for $200,000 and you still owed $180,000, you would be entitled to the remaining $20,000. There may be other numbers that are involved that will be subtracted.
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.
Notice to appear. (a) Whenever a peace officer is authorized to arrest a person without a warrant he may instead issue to such person a notice to appear. (5) Request the person to appear before a court at a certain time and place.