To help you learn more about foreclosure laws on both the federal and state levels that could determine your legal rights, here are a list of a few important regulations:
Illinois Mortgage Foreclosure Law. The Illinois General Assembly gave this law a comprehensive makeover a few years ago in an effort to gather the state’s disparate housing laws into a single body of rules. Amended as recently as 2009, the Illinois Mortgage Foreclosure Law gives Illinois homeowners a wide range of protections. Call an Illinois foreclosure attorney today to learn more about this law.
Real Estate Settlement and Procedures Act. This federal body of regulations sets extra rules for mortgage servicers, which must give consumers full information about the actual and hidden costs of their home mortgage loan. Enforced by the Consumer Protection Financial Bureau, this Act is a powerful form of protection for Illinois residents against the actions of unscrupulous mortgage lenders.
Truth in Lending Act. Another federal law, TILA forces mortgage lenders to fully disclose the terms and conditions of home loans. In the past, banks often concealed the actual interest rate homeowners were paying each month, which led to the creation of this law. If your mortgage lender violates TILA, it might provide an extra defense for your foreclosure case.
These are just three of the laws that could provide aid in your foreclosure defense. But foreclosure cases aren’t as simple as reading a few laws. In Illinois, foreclosures take place through the judicial system, which means these cases are subject to all the regular court rules.
So, in practice, the Illinois Mortgage Foreclosure Law is supplemented by a vast body of other procedural rules. Which means you might want to consider calling an Illinois foreclosure attorney who is familiar with the rules and customs of local courts.