Your Rights as a Homeowner in Illinois


A home mortgage is a legal contract between a lender and a buyer that makes the buyer’s home collateral (security) for the loan.

When the buyer (homeowner) does not make payments as agreed, the lender may take the property from the buyer through the legal process called foreclosure. In Illinois, the typical foreclosure takes 6 to 9 months.

When Foreclosure Begins

When your mortgage payment is late for the third time, the lender sends your loan to its lawyer to start the foreclosure process. The lender’s attorney orders a title report, which gives the lawyer the following information:

-- The name of the property owner,

-- Any other unpaid deeds of trust or mortgage loans against the property,

-- Any other restrictions on the property, such as a mechanic’s lien (when the property is used as security for a debt, often by workmen who have done work on your home), and covenants (agreements that dictate how the property can be used).

Please see full article below for more information.

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DISCLAIMER: Because of the generality of this update, the information provided herein may not be applicable in all situations and should not be acted upon without specific legal advice based on particular situations.

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