Re: Sheriff sale in 16 days in Illinois
Posted by Tony Costanzo on August 03, 2005 at 12:26:25:In Reply to: Sheriff sale in 16 days in Illinois posted by Diana on August 02, 2005 at 21:35:23:
: After the sheriff sale, when should we get leave the house? The lawyer for the mortgage co. told me we have until Oct.1. Is that true??????
Hi Diana.The right of redemption may be waived by the borower in the mortgage instument, or after commencement of foreclosure by written consent filed with the clerk of the court, but only if the lender there upon waives the right to a deficiency. How ever, waivers signed prior to July 1987 may still be valid. Otherwise the borower has the right to redeem property with in seven months from the date the lawsuite was filed., or three months after the judgement was entered by the court. I hope this answers your question, but if you would like to keep your house please contact me as soon as possible.
Sincerely Tony Costanzo @ GFR
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Comments:: : After the sheriff sale, when should we get leave the house? The lawyer for the mortgage co. told me we have until Oct.1. Is that true?????? : Hi Diana. : The right of redemption may be waived by the borower in the mortgage instument, or after commencement of foreclosure by written consent filed with the clerk of the court, but only if the lender there upon waives the right to a deficiency. How ever, waivers signed prior to July 1987 may still be valid. Otherwise the borower has the right to redeem property with in seven months from the date the lawsuite was filed., or three months after the judgement was entered by the court. I hope this answers your question, but if you would like to keep your house please contact me as soon as possible. : Sincerely : Tony Costanzo @ GFR Optional Link URL : Link Title : Optional Image URL: