Posted by David Leibowitz on January 4th, 2009 in Consumer Law, Foreclosure - Saving Your Home, Legal, Real Estate, Illinois Foreclosure, Mortgage
A new Illinois statute, effective January 1, 2009, requires that lenders give homeowners special notices in forclosure cases, both in English and Spanish. Click here to read the Illinois Mortgage Foreclosure Law. These notices must inform the defendant that:
- As lawful occupants, they have the right to live in the home until a judge enters an order of possession
- The homeowner continues to own the home until the court rules otherwise
- Homeowners can get professional guidance from a lawyer or certified housing counsellor but should PROCEED WITH CAUTION when dealing with others who say that they are offering help
- The mortgage company doesn’t really want to foreclose on the house if there is any way to avoid it
In addition, the name of the mortgage lender must be set out in large type. The lender must provide a pay-off statement at no cost. If the lender wilfully fails to deliver an accurate statement within 10 days, the lender is liable for actual damages or statutory damages not less than $500.
This statute gives borrowers important rights. We at Lakelaw are ready, willing and able to help Illinois homeowners protect their rights and save their homes.