Learn about the foreclosure laws in your state
Foreclosure is a catch-all term for the processes used by mortgage-holders (mortgagees) to take mortgaged property from borrowers (mortgagors) who default on their mortgages. Foreclosure, like mortgages generally, is governed by the law of the place where the mortgaged item is located. Under 735 Illinois Compiled Statutes 5/15-1203, foreclosure is defined as an action commenced to terminate legal and equitable interests in real estate. The 8th Circuit Court of Appeals case Hiscox Dedicated Corp. Member, Ltd. V. Taylor notes that foreclosure cou ...
modifying Illinois’ Scavenger Sale law in favor of tax... lending laws in an effort to prevent future economic crises.... through foreclosure to receive the deed for $1,000 and remain in...
Keep your information secure! ; Selling Your Home in a Seller's Market and a Down Market? ; Falling Behind and Facing Foreclosure in Illinois
modifying Illinois' Scavenger Sale law in favor of tax... lending laws in an effort to prevent future economic crises. The... through foreclosure to receive the deed for $1,000 and remain...
For more details about the process, read our state-specific article covering foreclosure laws in your state. Also, keep in mind that laws change, so checking them is a good idea. To get...
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"These mortgage companies ... don't care who's in the building," Dart said Wednesday. "They simply want their money and don't care who gets hurt along the way. ; "On top of it all, they want taxpayers to fund their investigative work for them. We're not going to do their jobs for them anymore. We're just not going to evict innocent tenants. It stops today." ; Dart said he wants the courts or the state Legislature to establish protections for those most harmed by the mortgage crisis. ; In 1999, Cook County had 12,935 mortgage foreclosure cases; in 2006, 18,916 cases were filed, and last year, 32,269 were filed. This year's total is expected to exceed 43,000.
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Maine’s highest court last week turned the state’s foreclosure law upside-down with a decision it says corrects a “draconian” rule that likens courts to casinos by handing out free houses. But foreclosure defense attorneys say the ruling weakens one of the few protections in place for homeowners facing foreclosure and threatens the standing of other precedent-setting cases. In Maine, to foreclose on a property, a lender must first send a notice of default, which lays out what the borrowe...