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.
420 W. Clayton Street
Waukegan, IL 60085
847 249 9100
Bankruptcy Law Network (BLN)
Latest posts by Bankruptcy Law Network (BLN) (see all)
- Bankruptcy Rule 3002.1: An Unlikely New Weapon Against Debtors - January 9, 2017
- Court Says Chapter 7 Debtor May Not Have Two Cases Pending at Same Time - December 12, 2016
- What Happens to My Inheritance in Bankruptcy? - December 2, 2016
- Unsettled Question: Another Court Rules That Bankruptcy Client Worksheets Are Privileged - February 6, 2016
- Chapter 13 Debtor’s Lawsuit Tossed Out for Failure to List It in Bankruptcy Documents - January 31, 2016