[IL] How do I stop the foreclosure of my home?
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A large enough down payment could allow you to refinance, even with the credit score. Also, even if they sell, in most states a home can be redeemed—but that would also add new fees.
You’re in one of the few states that requires redemption before sale (735 ILCS 5/15-1603). The company has to provide the redemption amount. If the company refuses to provide the redemption amount and sells anyway, you would have the right to file suit against the lender because they violated your rights as the borrower.
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I have a foreclosure sale on my home in five days. I haven’t been able to get any help through the loss mitigation process and have requested the reinstatement amount, but they’re telling me it will take 7–10 business days. Is this legal, and what can I do to stop the sale?
I’m sorry to hear about your situation. Have you consulted with a real estate lawyer regarding the foreclosure sale on your home?
No.
Have you received any formal communication from the lender regarding the foreclosure process and the reinstatement amount?
I have not received an updated reinstatement amount. They make it very difficult to get any helpful information or speak to anyone logical. You just get thrown around in a broken system that never actually helps with resolution.
Is there anything else the real estate lawyer should know before I connect you? Rest assured they’ll be able to help with your foreclosure sale.
Yes.
Hi there! My name is Liz and I’ve been an attorney for more than a decade. I’m here to assist with your legal concerns. So I can best help, do you have other debts?
Yes.
Understood—have you considered a bankruptcy?
I have considered that but would like to avoid it if possible.
With a reinstatement amount, would you be able to make payment immediately? Or have you tried refinancing? What state are you in?
I don’t even know the amount and I’m sure it’s loaded with attorney fees, but yes I have access to money. I cannot refinance due to the major hit on my credit score from my hardship. I’m in Illinois.
A large enough down payment could allow you to refinance, even with the credit score. Also, even if they sell, in most states a home can be redeemed—but that would also add new fees.
You’re in one of the few states that requires redemption before sale (735 ILCS 5/15-1603). The company has to provide the redemption amount. If the company refuses to provide the redemption amount and sells anyway, you would have the right to file suit against the lender because they violated your rights as the borrower.
Thanks.
