What Happens If I Stop Paying My Mortgage?
Over time, the Lender will bring a foreclosure action and try to serve you. Serving you means sending a process server to ensure that you are given proper notice of the action. In the event you are not served personally, you will be served by publication. The details to these questions are covered more fully in another legal guide. An Illinois foreclosure action that results in the homeowner losing possession of the property may take as little as 12 months from first missed payment to 36 months.
What Happens If I Stop Paying My Mortgage And My HOA Payments?
Instead of just having the Lender suing you in court, your HOA will have the right to sue you as well. Interestingly, under Illinois Law, an HOA actually can get an order of possession entered against you much quicker than the Lender. An Illinois suit for nonpayment of HOA fees that results in the homeowner losing possession of the property may take as little as 5 months from first missed payment to 8 months. If your intention is to keep the property, make sure you address this issue.