As part of the home buying process in Illinois, the buyer will sign a promissory note and a mortgage (unless the home is paid for in full). What happens when you miss your mortgage payments? Read the full article here: https://www.oflaherty-law.com/learn-about-law/how-does-an-illinois-foreclosure-work
The promissory note is a contract between the home buyer and the lender stating that the home buyer will pay back the loan and also describes the terms for repayment. The mortgage is a debt instrument that secures the loan using the house as collateral, allowing the bank to repossess and sell the home in the event of nonpayment by the borrower.
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In this video, we will discuss the laws and procedures for an Illinois foreclosure and answer the following questions: What happens when mortgage payments are missed?, What does the home foreclosure process look like in Illinois?, Can a home foreclosure be reversed in Illinois?, and What happens if the house is sold in foreclosure but the previous owners still live there?
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