Q: I'm buying my house on contract and I'm late in my payment but in the contract it says I have 14 days of the notice to
Fix the default well she already has put a for sale sign in the yard and has the house on market place for sale for 20,000 and I was only paying 10,000 also have already paid 9,000 so only owe 1,000. What can I do?
A:
Well, Illinois law deals specifically with Installment Contracts in the Installment Sales Contract Act, 765 ILCS 67/1 et seq.
Under that Act, a purchaser who is in default has a 90-day period to cure the default before a seller can bring any sort of action against you. Further, under the forcible entry and detainer act, the seller has to give you a 30-day notice pursuant to 735 ILCS 5/9-104.1 before filing an eviction proceeding. Finally, the Illinois mortgage foreclosure act provides additional protections depending on the length of the contract and the amount of equity you have in the home.....
So, take your contract to an attorney right away.
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