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McHenry County foreclosure defense attorneysThe impact of COVID-19 has been widespread, with public health concerns as well as an economic downfall. In response to stay-at-home and quarantine orders issued by local governments, non-essential businesses were forced to close. As a result, many people throughout the United States have lost their jobs. This has resulted in a record-setting number of unemployment claims, but it also left millions of people facing housing insecurity because of lost income. For families, even one parent losing his or her job can be devastating if they rely on that income to pay their rent or mortgage. When too many payments are missed, the lending institution can take possession of the home through legal foreclosure proceedings. If you are facing foreclosure on your home, you may be eligible for a loan modification. 

What Is Involved in the Foreclosure Process? 

Foreclosure is a legal process by which a lender attempts to recover the balance of a loan from a borrower who has defaulted on the loan. Usually, this means that the borrower stopped making payments to the lender, and foreclosure works by forcing the sale of the asset used as the collateral for the loan. In Illinois, foreclosures are judicial, which means the lender (the plaintiff) must file a lawsuit (a complaint) in court. The complaint is served to the borrower, along with a summons that typically provides 30 days for the borrower to file an answer.

CARES Act 

In response to this housing crisis, the federal government implemented certain protections for tenants and mortgage loan borrowers under the Coronavirus Aid, Relief, and Economic Security (CARES) Act. Renters who were residing in properties that had federally backed mortgages could not be evicted or fined for nonpayment of rent for 120 days between March 27 and July 24, 2020. After the four months were up, landlords were permitted to give tenants 30 days’ notice to vacate the premises. However, agencies including the Federal Housing Finance Authority (FHFA) and Federal Housing Administration (FHA) have now extended their single-family moratorium on evictions until December 31, 2020.

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