A Notice of Acceleration is a written notice sent to the homeowner notifying them that:

• A default on the mortgage loan has not been cured, and
• The lender will accelerate the mortgage and call all sums due and payable in the event the default is not cured within 30 days of the notice

In Illinois, there is no legal requirement that the lender send the Notice of Acceleration. Nevertheless, most mortgage loan contracts include the requirement to provide a Notice of Acceleration -- and if not provided, may be a defense to a foreclosure.

What about the Grace Period Notice?

The llinois Mortgage Foreclosure Law used to require lenders to provide a "grace period notice" to a homeowners once they are 30 days in default on the loan. The grace period notice urged the homeowner to seek housing counseling to come up with a sustainable loan workout plan, and it provided the homeowner with an additional 30 day grace period. However, the provision in the Illinois Mortgage Foreclosure Law requiring the Grace Period Notice lapsed in 2016. For this reason, homeowners and their counsel must at all times remain cognizant of the Illinois legislature’s treatment of various provisions of the Illinois Mortgage Foreclosure Law.

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At The Law Center, we are a team of specialists that are passionate and up to date about the foreclosure process from start to finish and helping homeowners at the highest level. Our staff and attorneys approach each client and each property as a new challenge, one that requires thorough analysis, zealous representation, and thoughtful strategy. It’s your home, let The Law Center help you defend it.

Call us now and speak with a foreclosure expert on how you can make the foreclosure process work for you -- not against you. (312) 600-8815

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