A Foreclosure Auction Has Been Scheduled For My Property. What do I do?

A Foreclosure Auction Has Been Scheduled For My Property. What Do I Do? It can be heart-wrenching to discover that your property is scheduled to be sold at a foreclosure auction. People often become aware of a foreclosure auction when they are actively participating in the foreclosure court case and are provided an official “Notice

What is a Mortgage Loan Modification?

What is a Mortgage Loan Modification? If you have a home mortgage and are falling behind on payments, you may have heard of a mortgage loan modification/ home loan modification. A loan modification is an agreement with your mortgage loan servicer to alter the mortgage payments and bring the mortgage current so that you can

Navigating the Illinois Court System in Foreclosure

Navigating the Illinois Court System in Foreclosure If you are in foreclosure, upon receipt of the summons and complaint, you will receive information as to what court the foreclosure suit was filed in.  The Illinois state courts have three levels: the circuit level, the appellate court, and the Illinois Supreme Court.  If this is a

The Mortgage Foreclosure Summons and Complaint

The Mortgage Foreclosure Summons and Complaint After a bank has sent its notice of intent to accelerate, the next document a homeowner will receive will be the Mortgage Foreclosure Summons and Complaint.  These documents will be served upon the homeowner at the homeowner’s residence. The Mortgage Foreclosure Summons will be directed to each named defendant

Should I Participate in Foreclosure Mediation?

Should I participate in Foreclosure Mediation? Cook County, Lake County, and Will County all offer foreclosure mediation programs with varying results.  At its heart, mediation is the court-sanctioned opportunity for the homeowner to sit down with the foreclosing bank’s representative and hash out an agreement to either permit the homeowner to stay in the home,

Illinois Appellate Court Turns the Mortgage Rescue Fraud Act into a Powerful Foreclosure Defense Tool

Illinois Appellate Court Turns the Mortgage Rescue Fraud Act into a Powerful Foreclosure Defense Tool On June 30, 2016, the Illinois Appellate Court, Second District, handed down a decision in the case ALSJ Inc. v. Kurtz, 2016 IL App (2d) 150492. The Defendant, Laura Kurtz, had fallen delinquent on her real estate taxes and sought

Wells Fargo in Hot Water …Again.

Wells Fargo in Hot Water…Again. You may have seen it. Watching a sporting event, maybe just aimlessly surfing channels to kill some time. Wells Fargo’s new commercial, it does something, it just pulls at your heartstrings. Maybe it’s the appeal to history, maybe it’s the horses, or maybe it’s the idea of a comeback story.

Is There a Benefit to Doing a Short Sale?

Is There a Benefit to Doing a Short Sale?  Many people falling behind on their mortgages and facing foreclosure wonder whether there is a benefit to doing a short sale versus simply riding out the foreclosure and leaving the home upon eviction. Both options have their pros and cons, and so it is advisable to

What is the Governing Law of Foreclosure in Illinois?

What is the Governing Law of Foreclosure in Illinois? Illinois, like most states, has enacted specific legislation that controls the method of a bank’s foreclosure. The Illinois Mortgage Foreclosure Law of 1987 (IMFL), is Illinois’ version, cited as 735 ILCS 5/15-1101 et. seq. The IMFL is the primary source of law governing foreclosures, and includes