Form 1 Loss Mitigation Affidavit - Illinois

What Is Form 1?

This is a legal form that was released by the Illinois Circuit Court - a government authority operating within Illinois. As of today, no separate filing guidelines for the form are provided by the issuing department.

FAQ

Q: What is a Loss Mitigation Affidavit?
A: A Loss Mitigation Affidavit is a legal document that provides information about a homeowner's financial situation and their ability to repay a mortgage in order to explore options for avoiding foreclosure.

Q: What is the purpose of a Loss Mitigation Affidavit?
A: The purpose of a Loss Mitigation Affidavit is to gather important financial information from homeowners who are facing foreclosure, which can help determine the best course of action to avoid foreclosure.

Q: Who needs to fill out a Loss Mitigation Affidavit?
A: Homeowners who are facing foreclosure and are seeking alternatives to foreclosure, such as loan modification or a repayment plan, may be required to fill out a Loss Mitigation Affidavit.

Q: What information is typically included in a Loss Mitigation Affidavit?
A: A Loss Mitigation Affidavit typically includes information about the homeowner's income, expenses, assets, and liabilities, as well as details about the property and the mortgage.

Q: Does filling out a Loss Mitigation Affidavit guarantee a homeowner will avoid foreclosure?
A: No, filling out a Loss Mitigation Affidavit does not guarantee that a homeowner will avoid foreclosure. It is a step in the process of exploring options for avoiding foreclosure, but ultimately, the final decision is up to the mortgage lender or servicer.