Legal Question in Real Estate Law in Illinois

735 ILCS 5/15‑1602 allows mortgagees of residential real estate to reinstate their mortgage for up to 90 days after (a) all parties have been served or submit to the court's jurisdiction if personal jurisdiction is being sought, or (b) first service publication, whichever is earlier to occur. If you are NOT sure how service was made, have an attorney review the paperwork. "Notice of Foreclosure" is NOT the same as service of process. As important is the fact that making just the back payments may NOT fully cure all defaults - there may be other sums to pay (like attorney fees, additional interest, etc.) and/or things to do (cure non-monetary defaults such as failure to maintain or failure to insure). Again, have an attorney help unless you want to risk losing your home when you have the money to save it.

You have a short period of time in which you can reinstate by paying all amounts due, including costs incurred by the lender. Thereafter, you have additional time in which to redeem the property by paying off the loan, which would usually be through refinancing if you somehow qualify. If this is not your first time in this situation, your rights may be limited. You my also be able to use Chapter 13 bankruptcy to get caught up while freeing yourself from other burdens. Set up a consultation to evaluate all options.