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About Zetrust
We will do all of the negotiating for you, so you can take a breather in these troubling times.
ZeTrust is here to help you. Our teams of professional loss mitigation specialists have only one concern on their mind: Stop foreclosure. Please be assured we will work with you until some type of resolution has been solved. Our experience and relationships with lenders and banks allow us the fortunate opportunity of having extensive knowledge of the foreclosure process. Together we will save your home. Contact us now!
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Illinois Foreclosure Laws
Judicial Foreclosure
A notice of the lenders intent to foreclose must be given to the borrower, and any other person entitled by Illinois statutes to receive notice, at least thirty (30) days prior to the courts judgment of foreclosure. If the court finds in favor of the lender and issues a notice of sale, the sale will be conducted on the terms and conditions specified in the notice of sale, provided they meet the minimum standards provided in the Illinois Statutes. The sheriff or any judge within the county where the property is located may conduct the sale. The borrower has no rights of redemption after the foreclosure sale.
Deed in Lieu of Foreclosure
If the borrower has defaulted on the mortgage and the lender agrees, the borrower may simply give the deed to the lender and his interests in the property securing the deed will be terminated. If the lender agrees and accepts the deed, they may not seek to obtain a deficiency judgment against the borrower at any time afterward.
Consent Foreclosure
In this type of foreclosure, the court enters a judgment satisfying the mortgage by giving absolute title to the property secured by the mortgage to the lender. The borrower has no rights of redemption after this type of foreclosure judgment has been rendered and the lender may not file for a deficiency judgment. Lenders may also foreclose on a mortgage in default by using the common law strict foreclosure method, but Illinois law does not permit non-judicial power of sale foreclosures.
WHAT IS FORECLOSURE
Mortgage foreclosure is the process a bank or mortgage company uses to take back ownership of real estate when the homeowner hasn't complied with the mortgage agreement. Most often, that simply means that the homeowner couldn't keep up the mortgage payments. The property may be "redeemed" by the homeowner by paying all delinquencies and costs, up to the time of sale. This redemption period is typically 120 days. The law in most states gives the homeowner every opportunity to stop the foreclosure process.