know your legal rights!
Borrowers have rights when they are going through the foreclosure process. The state of Illinois just filed a lawsuit against one the nation’s largest firms that maintains foreclosed homes for lenders. The suit alleges that the firm broke into the homes of families that were behind in their mortgage or in foreclosure, locked them out and removed their belongings.
Under Illinois law, homeowners who have missed mortgage payments and are in foreclosure can remain in their homes until the court-supervised foreclosure process is completed and a judge has entered an order of possession against them. Also, tenants living in rental buildings in foreclosure can stay until the lease expires, even if the foreclosure process has been completed and the building has been repossessed.
A short sale is a way for a homeowner to sell their property for less than is owed on their mortgage.