It is the right to pay the balance of the mortgage. If the lender is paid in full , there is no mortgage left to foreclose. 735 ILCS 5/15-1603 provides that this right expires 7 months from the date all mortgagors have been served or 3 months after the entry of a judgment of foreclosure and sale,...Read more »
The person living in the home has not paid me yet. The house is close to being foreclosed on, so I'm wanting know if this clause would make the mortgage company liable to pay me, as I've replaced all water lines do to freezing and breaking, and put all New floors in and restabelized all... Read more »
Foreclose could be translated as "wipe out". The mortgagee foreclosed in order to wipe out all liens with less priority in the property than its own. Generally any lien attaching to the property after the mortgage is recorded has less priority. Only if the property sells for a surplus...Read more »
You need to have an in person consultation with an experienced mortgage foreclosure defense and bankruptcy attorney. The lenders all have attorneys, and the only way that your case will be taken seriously by them is by retaining an experienced mortgage foreclosure defense attorney. The defenses to...Read more »
I am in foreclosure and have received a notice of motion for entry of an order of default, for summary judgement against usa and for judgment of foreclosure and order for sale. In the meantime, I am awaiting a response from the lender regarding a loan remodification I applied for. Also, I... Read more »
Left condo unit last march 2010, in a sinking ship (other foreclosures, bankruptcy, huge special assessments) tried to speed up the foreclosure by initiating leaving the unit. told by the bank in june 2010 the unit was in foreclosure and to contact their legal representation. in august 2010, sent... Read more »
It sounds like there is little to be done at this point based on your actions to date. You will be responsible for any excess beyond the foreclosure sale amount absent a forgivenss of the debt. If there is forgiveness,you will receive a 1099 and may ahve some tax liabilty. Since they accepted the...Read more »
If you were served by the Special Process Server before the appointment, yes. If you were served conventionally and within the time parameters, no. However, it is pretty academic, as if it is quashed, all that will happen is that you will get served again.
Yes, you will owe the difference. However, many lenders forgive the difference. Althoug that may sound great, in reality it is not as good as it seems, as a 1099 will be provided to the IRS and you may be responsible for taxes on the debt forgiveness. they cannot directly attach your social...Read more »
We received a notice of hearing (regarding our mortgage in Dupage County IL) It gives no information as to what needs to be done and if we have to be present. We do not live in IL. We have a home in IL that is being rented but is in foreclosure.
It means that on the date listed in the notice a motion or an evidentiary proceeding will take place. Usually, a copy of a motion is attached. Without more information being posted2cx9, I can not provide you with anything more constructive. Good luck.
The complaint states the capacity in which the plaintiff brings this foreclosure is the Mortgage under 735 ILCS 5/15-1208. They also list the assignment recorded as n/a. Don't they have to state who the actual holder of the Note is or who the assignment is under to have Standing to bring... Read more »
when you bought the house, you signed a promissory note to the lender for the amount you borrowed. the mortgage is simply a lien on the property to secure payment of the promissory note. you are indebted to the lender for the full amount still owed and will eventually have a judgment rendered...Read more »
Justia Ask a Lawyer is a forum for consumers to get answers to basic legal questions. Any information sent through Justia Ask a Lawyer is not secure and is done so on a non-confidential basis only.
The use of this website to ask questions or receive answers does not create an attorney–client relationship between you and Justia, or between you and any attorney who receives your information or responds to your questions, nor is it intended to create such a relationship. Additionally, no responses on this forum constitute legal advice, which must be tailored to the specific circumstances of each case. You should not act upon information provided in Justia Ask a Lawyer without seeking professional counsel from an attorney admitted or authorized to practice in your jurisdiction. Justia assumes no responsibility to any person who relies on information contained on or received through this site and disclaims all liability in respect to such information.
Justia cannot guarantee that the information on this website (including any legal information provided by an attorney through this service) is accurate, complete, or up-to-date. While we intend to make every attempt to keep the information on this site current, the owners of and contributors to this site make no claims, promises or guarantees about the accuracy, completeness or adequacy of the information contained in or linked to from this site.