While the specifics of mortgage loans—and the associated paperwork—can be quite complicated, one thing is easy to understand: If you do not make your scheduled payments, your lender will eventually file a foreclosure action and take back your home. Just to be clear, foreclosure is the legal process that a lender uses to take possession of a property from a borrower who did not keep up with their obligations as specified in the mortgage loan agreement. Other things could cause a lender to initiate foreclosure, but the vast majority of foreclosures stem from borrowers defaulting on their payments.
The process of foreclosure can be overwhelmingly difficult for many homeowners, and it is extremely easy to make expensive mistakes under such stress. An error in the process could cost you a great deal, but if you are aware of where most people make mistakes, you can be sure to avoid them. A qualified foreclosure defense lawyer can also help.
Do Not: Ignore Your Lender
Under the law in Illinois, your lender cannot start a foreclosure action until you are at least 120 days delinquent on your mortgage payments. More than likely, however, your lender will start calling and sending you letters within a few days of your first missed payment. As you inch closer to defaulting, your lender will probably reach out more often—possibly every day.
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