There are effective ways to respond to a foreclosure notice in Illinois that can help you keep your house. It is important to understand that in Illinois foreclosures are handled through the court system and since January 2009 the Homeowner's Rights Act has required lenders to attach an easy to understand notice with your options to the foreclosure suit.
The first and most important thing you can do is make some calls for help and information. The Illinois Attorney General's Office offers a toll-free Homeowner Helpline at 866-544-7151. Make this call first because you'll get a referral to a housing counselor to talk with who can help you for free; they can talk with you about what options are now available to you.
The next thing that you need to do is gather and organize all of your financial information. This is a very stressful time, and normally people who are facing financial crisis cope by avoiding the reality of their situation, but in the fight to keep your house you need to make sure you can accurately discuss your financial situation. This includes your current income and all of your current living expenses. Documentation like your last three pay stubs, most recent tax return, bank statements will be extremely helpful.
Realize that you will have to explain, probably more than once why you are behind on your mortgage payments. Showing your full financial picture in an organized manner is one of the best ways to respond to a foreclosure notice in Illinois, particularly when working with a housing counselor who is attempting to assist you.
Don't panic. You still own your home until or unless a court rules against you in the foreclosure suit and you have the right to continue to live in your house until a judge enters an order of possession. Another way to respond to a foreclosure notice in Illinois is to realize that you have the right to get your mortgage current within 90 days of getting the foreclosure notice. Illinois also offers a redemption period of up to 7 months during which time you can sell your home to pay off the mortgage and retain the profits from the sale, if any.
Get legal advice from a licensed attorney. Seek advice from a certified housing counselor. Be very cautious about mortgage rescue scams that promise help but want payment up front. Remember that free government help is available to you.
