To help those facing the loss of their home, listed below are some frequently asked questions about foreclosure in Illinois:
How long do I get to keep my house? This depends on the circumstances of your case, but there are so many delays in the Illinois foreclosure process, particularly in the Chicago area, a strong defense could help you stay in your home for years.
Can I defeat the bank? In many cases, yes. Every year, scores of foreclosure complaints are dismissed by Illinois judges due to fraudulent foreclosure practices, mortgage servicing mistakes, and other violations of Illinois or federal housing laws.
What happens if I lose the foreclosure case? Well, if you lose, and the bank refuses to modify your loan, the worst possible outcome is that you’ll have to move out of your house. Often, however, lenders are willing to renegotiate the terms of the loan so you can stay in your home. In this case, you might still be able to keep your home, even if you aren't able to win the foreclosure case outright.
Of course, you may have several more questions about foreclosure in Illinois. For more information about substantive or procedural foreclosure law, contact an Illinois foreclosure attorney near you.