A mortgage is a loan that is used to pay for a house. If you don't make the payments on the loan, the bank can sue you to take the property back. This is called foreclosure.
To avoid foreclosure you can go through loss mitigation. This may mean that you keep your home or it means you came to an agreement with the mortgage company to give up your home. A foreclosure cannot be filed unless more than 120 days have passed since you stopped paying your mortgage.
Guide to Illinois mortgage foreclosure case issues. Includes: alternative remedies, seller financing, forfeiture of installment agreements, deficiencies, bankruptcy considerations, and more. 2024 edition
