Illinois mortgage holders must file lawsuits in order to foreclose on properties, explains All Law. Prior to foreclosure, the lender must file several forms, including a grace period notice, a notice of sale, and a summons and complaint. The lender must send the notice of sale to the borrower a minimum of 10 days prior to the sale.
At least 30 days prior to initiating a foreclosure lawsuit, the foreclosing party must send a grace period notice to the borrowers, states All Law. This notice must inform the borrowers of their rights to seek housing counseling, and the lender can send it once the borrower is 30 days past due on a loan for a property that serves as a primary residence. If a borrower opts to participate in housing counseling and sends a letter indicating this to the foreclosing party, the lender cannot initiate a foreclosure lawsuit until 30 days after that notice.
Military service members who are deployed to combat or a post supporting combat may apply for a 90-day deference of foreclosure activities, according to All Law. Any military member who has been in the service for at least 29 consecutive days may be eligible for foreclosure relief. This can involve a delay in proceedings or a reduction of monthly payments.