Foreclosure Warnings Now Required in Illinois

04 Jan Foreclosure Warnings Now Required in Illinois

Effective January 1, 2009, and incidentally, over the amendatory veto proposed by Illinois Governor Rod Blagojevich, a special Homeowner Notice must be attached to all summonses in mortgage foreclosure cases informing the homeowner that the lawful occupants have the right to live in the house until the judge orders possession.

Homeowners must be advised as to “WORKOUT OPTIONS” and also must be advised to “PROCEED WITH CAUTION” regarding anyone who offers to help them avoid foreclosure. Further, section 15-1505.5 requires that payoff statements be issued at no cost. Willful failure to do so within 10 days leads to potential liability for actual damages or $500 whichever is greater.

These notices must be provided in English and Spanish.

Contributed by:

David Leibowitz
Lakelaw
420 W. Clayton Street
Waukegan, IL 60085
847 249 9100
www.lakelaw.com
www.lakelaw.com/bankruptcy

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