For the third year in a row, Gregory M. Nordt, ESQ is a Martindale-Hubbell® Client Review Rated Lawyer of Distinguished 4.4 out of 5 as of January 1, 2015 based on his client reviews of four main areas of question:
You can take that with a grain of salt...
ILLINOIS IS MAKING IT HARDER TO FORECLOSE? IS THERE A CATCH OR...?
According to the high and mighty and all so reasonable Supreme Court of Illinois, the new foreclosure rules, effective as of March 1, 2013, basically take a load off from the soon (or not soon) to be foreclosed homeowner.
Some of the new legal mambo jumbo (aka rules) include;
Illinois continues to have one of the highest foreclosure rates in the U.S. Homeowners fall behind on mortgage payments for a variety of reasons, and borrowers are unaware that even if they are unable to make their mortgage payments and falling to foreclosure, they may have an effective defense that can save their home from foreclosure, or, at minimum, buy more time by working with an experienced foreclosure attorney.
Chicago, known for its trademark deep dish pizzas, is still being served a very deep dish of foreclosure trouble. The Windy City is taking steps to reduce the impact of the housing crisis, and has just passed a new city ordinance called "Keep Chicago Renting" that will protect renters from losing their homes to foreclosure. This ordinance is designed to help decrease the urban blight that follows foreclosure in many parts of the country. If there's any one city that can't afford further urban blight, it's Chicago, which is already being ravaged by a historic crime wave. This follows a statewide effort in Illinois that was intended to help empower homeowners in foreclosure.
We often receive questions from our readers about the Foreclosure Process in Illinois.
Below are 5 common questions about foreclosure in Illinois.
Remember, if you have a question you can leave it in the comments below, or contact our law firm at 877-882-5338 us for a more private matter.
1.) How Does the new Illinois Foreclosure Law Affect Me?
From a reader in Bloomington, Illinois
The new foreclosure law in Illinois affects you because it protects you from a wrongful foreclosure.
Foreclosures broke records in the years following the 2007 subprime lending crash and housing market collapse. Many industry watchers used the word "crisis" to describe the rapid increase of foreclosures. Illinois is one of many states to try to address the problem with legislation to help protect struggling homeowners. While homeowners do have a better opportunity to stop foreclosure in Illinois with the new laws, as you might expect, there are complexities. Typically, a homeowner's best option is to hire an attorney experienced with foreclosure defense in Illinois.
- Do you know what's the first step to take after receiving a foreclosure notice?
- Do you know how long the foreclosure process takes in Illinois?
- Do you know what to expect from the foreclosure process?
If you answered “no” to any of these questions, then you should invest 2 minutes into downloading the Illinois foreclosure timeline, especially if you are at risk for foreclosure or if you are already within the foreclosure process.
For most facing foreclosure either now or in the future, something has changed in their lives that is already causing more than enough stress without any help from the looming loss of their home. Many find that their change in circumstances leaves them unable to make monthly mortgage payments, and they face foreclosure simply because they don’t know what they need to do or how to go about it. When you interview lawyers to help keep your home, you might feel lost. What should be the cost of foreclosure defense?
So you've missed a payment on your Illinois home. Any number of a various set of circumstances has conspired to affect your income and consequently your ability to keep up with your obligations. You held it together as long as you could, but now the unthinkable has happened and you are late on your mortgage. You may feel alone, embarrassed, and quite afraid of being foreclosed upon. Well cheer up homeowner because you are not alone and there is no need to be embarrassed or fear the foreclosure process in Illinois.
Illinois is a judicial foreclosure state, which means that the foreclosure process in Illinois requires certain steps to be taken by your lender before they can take possession of your home. In other words, this means you have some time to fix this. If you're into legalese, you can read the entire statute here, however if you're just looking for some unbiased information and perhaps a little help for your situation, continue reading.
