Foreclosure Law

What is the processing period for foreclosure Illinois?
Processing period is 210 days in Illinois.

Is there any right of redemption in Illinois for foreclosure?
No, Illinois does not offer right of redemption.

Are deficiency judgments permitted in Illinois?
Deficiency judgments are permitted in Illinois.

Which law provision governs foreclosure in Illinois?
It is found in 735 ILCS 5/Art XV.

What happens during Judicial Foreclosure in Illinois?
First lender needs to send a notice to the borrower at least 30 days before the courts judgment of foreclosure. If court agrees with lender, it issues notice of sale with terms and condition of the sale. It should meet the minimum standard provided in the Illinois Statutes. The notice should be published in legal and real estate section of local newspaper once a week for three weeks. The last notice should be published minimum 7 days before the sale. The sale is conducted by the sheriff or any judge within the county where the property is located.

What happens during the Deed in Lieu of Foreclosure?
In this type of foreclosure, borrower simply has to give deed to the lender and his interests in the property securing the deed will be terminated. If lender accepts the deed, no deficiency judgments can be issued against the borrower afterwards.

What happens during the consent foreclosure?
In this type of foreclosure, court gives a judgment by which lender gets all rights related to title of the property. After this type of foreclosure, lender should not file for a deficiency judgment.
This is legal information; it should not be treated as legal advice.

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Calculate Finance Charges

Having some knowledge of how to calculate finance charges is always a good thing. Most lenders, as you know, will do this for you, but it can helpful to be able to check the math yourself. It is important, however, to understand that what is presented here is a basic procedure for calculating finance charges and your lender may be using a more complicated method. There may also be other issues attached with your loan which may affect the charges.

The first thing to understand is that there are two basic parts to a loan. The first issue is called the principal. This is the amount of money that is borrowed. The lender wants to make a profit for his services (lending you the money) and this is called interest. There are many types of interest from simple to variable. This article will examine simple interest calculations.

In simple interest deals, the amount of the interest (expressed as a percentage) does not change over the life of the loan. This is often called flat rate or fixed interest.

The simple interest formula is as follows:

Interest = Principal × Rate × Time

Interest is the total amount of interest paid.

Principal is the amount lent or borrowed.

Rate is the percentage of the principal charged as interest each year.

To do your math, the rate must be expressed as a decimal, so percentages must be divided by 100. For example, if the rate is 18%, then use 18/100 or 0.18 in the formula.

Time is the time in years of the loan.

The simple interest formula is often abbreviated:

I = P R T

Simple interest math problems can be used for borrowing or for lending. The same formulas are used in both cases.

When money is borrowed, the total amount to be paid back equals the principal borrowed plus the interest charge:

Total repayments = principal + interest

Usually the money is paid back in regular installments, either monthly or weekly. To calculate the regular payment amount, you divide the total amount to be repaid by the number of months (or weeks) of the loan.

To convert the loan period, 'T', from years to months, you multiply it by 12. To convert 'T' to weeks, you multiply by 52, since there are 52 weeks in a year.

Here is an example problem to illustrate how this works.

Example:

A single mother purchases a used car by obtaining a simple interest loan. The car costs $1500, and the interest rate that she is being charged on the loan is 12%. The car loan is to be paid back in weekly installments over a period of 2 years. Here is how you answer these questions:

1. What is the amount of interest paid over the 2 years?

2. What is the total amount to be paid back?

3. What is the weekly payment amount?

You were given: principal: 'P' = $1500, interest rate: 'R' = 12% = 0.12, repayment time: 'T' = 2 years.

Step 1: Find the amount of interest paid.

Interest: 'I' = PRT

= 1500 × 0.12 × 2

= $360

Step 2: Find the total amount to be paid back.

Total repayments = principal + interest

= $1500 + $360

= $1860

Step 3: Calculate the weekly payment amount.

Weekly payment amount = total repayments divided by loan period, T, in weeks. In this case, $1860 divided by 104 weeks equals $17.88 per week.

Calculating simple finance charges is easy once you have done some practice with the formulas.

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Five steps to refinance

Refinancing your mortgage could let you lower your monthly payment, reduce your interest expense or get a loan with a fixed interest rate and payment. If you’ve been waiting to take advantage of those opportunities because you feel uncertain about the process to refinance, here are five simple steps that can help you navigate the refinance process:
1. Figure out your goals.
Do you want to refinance to lower your monthly mortgage payment, save money on interest costs, switch from an adjustable-rate mortgage (ARM) to a fixed-rate mortgage or achieve a combination of those goals? Focusing on your reasons for refinancing will help you choose a loan that will enable you to accomplish your objectives.
2. Get ready to shop.
You probably already know how much your monthly mortgage payment is. But do you also know your current interest rate and the terms of your loan, if your rate is adjustable? That information can help you choose which loan you want. The LendingTree Mortgage Checkup can help you compare loan options based on current interest rates to your existing loan.
It's also a good idea to check your credit score and try to estimate the current value of your home. The LendingTree Home Equity Calculator can help you figure out how much equity you have in your home. Equity is a major factor in whether you’ll be able to refinance.
3. Shop for a loan.
It's important to shop around and compare costs and terms when you want to refinance your loan. Costs and terms can vary from lender to lender, so it’s important to compare multiple options. One option is to shop for a loan through LendingTree. LendingTree can help match your loan request with up to five lenders, who will give you customized loan offers. You may also want to obtain loan offers from local lenders, banks or credit unions. Be sure to ask when the interest rate will be locked on each loan that you want to consider.
4. Compare loan offers.
When you compare loan options, it’s important to consider the terms and costs as well as the interest rate. Costs typically include a loan origination fee, an appraisal fee, closing costs and a new lender's title policy. The LendingTree Look Before You Lock calculator can help you figure out whether a loan offer is a good deal for you.
5. Choose your loan.
Once you choose a lender and a loan, it typically takes several weeks to close your loan. During that time, you may need to complete a formal loan application, if you haven’t already done so, allow an appraiser into your home and obtain a cashier's check to pay your closing costs.

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Benefits of Refinancing a Home Loan

Like most homeowners, you’ve probably heard compelling reasons for refinancing your home loan:

• Keep your payments stable with a fixed-rate loan
• Lower your interest rate
• Get cash out from your home’s equity
• Consolidate debt

But how do you know if it’s the right time for you to refinance?
LendingTree has a mortgage refinance calculator, the Mortgage CheckUp, to help you compare your mortgage home loan to current loan options and interest rates, and decide if refinancing is the smart move. 
Once you’re ready to refinance, we can connect you with lenders providing a wide range of home loans including cash-out refinancing. Our lenders compete for your loan by offering mortgage loans with competitive refinance rates that can save you money.
When comparing your home mortgage refinance options, you can choose between fixed rate loans and variable rate loans, both for 15 or 30 year terms.  You can also compare refinance interest rates, points and other loan options to find the best mortgage for your financial needs.
There are many good reasons to refinance.  With today's low interest rates, you may be able to save on your monthly payments.  Mortgage refinancing can also give you cash back to use for home improvement or other purposes, or to consolidate debt or eliminate credit card debt.  If you already have two loans or a second mortgage, refinancing both loans can simply your finances and save you money at the same time.  You can also choose to change your payment terms, such as converting to a fixed rate loan to lock in low interest rates, or change to a shorter mortgage term to pay off your home more quickly.
When you are ready to refinance, LendingTree can help you enjoy all the benefits of a home refinance loan custom-fitted to your needs.

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