According to the Homeowner’s Rights Act, lenders are required to provide homeowners with sufficient notice of foreclosure, as well as a complete listing of their rights and legal options. Upon the homeowner’s request, lenders must provide a financial statement, including the amount of money the homeowner owes on his or her home. This allows homeowners to explore their legal options, such as putting their home up for sale or refinancing their loan, which they are able to do throughout the redemption period. People should understand that they are able to contact the mortgage company in order to talk about different alternatives to foreclosure, and to find out what they can do to avoid losing their home.
Homeowners should keep in mind that they are able to remain in their residence until an Illinois court rules that the lender is able to reclaim the property. Within 90 days after they receive a summons for foreclosure, they are able to send in their delinquent payments to bring the mortgage current. In some cases, the lender may sell the home in foreclosure for more than is owed on the loan. If this should happen, the homeowner can petition the court for the difference between what the home sold for and what was owed on the property.