Final answer:
An Illinois mortgagor has the right of reinstatement in foreclosure proceedings, which allows them to bring the loan current by paying off missed payments and fees. The specifics of this right may vary depending on the circumstances and mortgage agreement.
Step-by-step explanation:
An Illinois mortgagor, or borrower, has a statutory right of reinstatement in foreclosure proceedings. This means that the mortgagor can bring the loan current by paying off any missed payments, late fees, and the costs of the foreclosure process.
For example, if a homeowner in Illinois falls behind on their mortgage payments and foreclosure proceedings have commenced, they can exercise their right of reinstatement by paying all the amounts owed to the lender. This would bring the mortgage current and stop the foreclosure process.
It's important for the mortgagor to be aware of the specific procedures and timelines for exercising their right of reinstatement, as they may vary depending on the circumstances and the mortgage agreement.