Definitions
 

Forbearance: you are allowed to delay or reduce payments for a short period, with the understanding that another option will be used at the close of that time to bring your account to a current status, this amount would include all late fees, attorneys fees associated with the delinquency..

Lis Pendens: Filed by a lender, a lis pendens is the formal notice that starts the foreclosure process. Even though this is considered a pending lawsuit, the homeowner still has possession and the right to sell or refinance the property.

Pre-Foreclosure: A property is considered to be in pre-foreclosure from the day a lis pendens is filed until the day the property is sold at auction.  In Illinois this could be anywhere between 6 months to a year.

Redemption: The period during which a borrower may reclaim the title and possession of property by paying the debt it secured in full.  Redemption periods typically run 60 days to 7 months.

Reinstatement: The Reinstatement amount is total amount that is past due amount including late fees and Attorney costs. This amount will get your Mortgage caught up immediately. Because of your financial circumstances in the past, you may be facing a sizable amount of past-due fees, including back payments, late fees and legal expenses. If you are able to promise a lump-sum to bring your payments to a current status by a specific date, you may be eligible for a Reinstatement.

Sheriff's Sale: is an auction sale of property held by the sheriff pursuant to a writ (court order) of execution (to seize and sell the property) to satisfy (pay) a judgment, after notice to the public.

Kari Reed