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If you fall behind on your mortgage payments, the bank that has your mortgage loan may choose to file a foreclosure action against you pursuant to the Illinois Mortgage Foreclose Act, 735 ILCS 5/15-1101, et. seq.

Illinois is what is commonly referred to as a judicial foreclosure state. That means that before a bank can take your home from you, it must file the necessary court action in the county where the home is located. The bank cannot sell your home and evict you until it has completed the judicial proceeding and your right to redeem has expired. In Illinois, a homeowner has 7 months from the day he or she is served, or 3 months from the day a judgment is entered – whichever is later – to redeem their mortgage loan. (735 ILCS 5/15-1603(b)). “To redeem” a mortgage loan means generally that the homeowner will be required to find another bank that will refinance their current delinquent loan.

Another option a homeowner has to save their home from a foreclosure is the right of reinstatement. (735 ILCS 5/15-1602) The right of reinstatement involves the homeowner bringing the amount he or she is behind on his or her loan, including the attorney fees and court costs incurred by the bank to file the case in court, current by making a one-time lump sum payment. To reinstate, the homeowner must normally file a motion to do so within 3 months of being served with the foreclosure complaint and summons.

To redeem or to reinstate a delinquent mortgage loan requires a homeowner to have an exemplary credit report, or a substantial amount of cash available. Most homeowners do not have these type of qualifications that enable them to save their homes. Under these circumstances some people opt to file a Chapter 13 bankruptcy. A Chapter 13 allows a homeowner to catch-up the amount she or he is behind on their mortgage loan at no interest by making monthly payments over 5 years, or 60 months. For more on filing a Chapter 13 to save a home, click here.

Besides these standard means of saving your house from foreclosure, there are sometimes valid defenses that can be asserted in the foreclosure case that can be used to defeat the action. On occasion, the bank has miscalculated the balance due on the mortgage, and filed the foreclosure prematurely. This can result in what is commonly referred to as a “wrongful foreclosure.” On other occasions, the bank is not the proper party to bring the action against the homeowner to foreclose the mortgage. Because mortgage loans may be sold repeatedly, the necessary documentation that is required to show that the bank is actually the holder of the mortgage loan may be lost. In instances like these, the homeowner is able to challenge the right of the bank to bring the action.

The attorneys at Smith & Weer, P.C. have consistently represented people who may be faced with the loss of their home because of foreclosure. The Smith & Weer, P.C. attorneys have the experience and expertise to advise homeowners of what option is best for them. The key to defeating a foreclosure is to act quickly before viable options become loss through inaction. Call Smith & Weer at (309) 347-4300 to schedule a free no-obligation consultation at one of our three Central Illinois office locations in Pekin, Peoria, or Galesburg.

How can we help you? Contact us for a free consultation. We’ll answer all your questions, and explain your options. There is no obligation.


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Foreclosure Attorney Peoria IL

Attorney Ed Weer


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