Illinois law requires that mortgage servicers provide notice before:
Correct Answer
B) Transferring the loan to another servicer
Mortgage servicers must provide advance notice to borrowers when the servicing of their loan is being transferred to another company.
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Foreclosure is the legal process by which a lender takes possession of a property when a borrower fails to make mortgage payments. It allows the lender to sell the property to recover the outstanding debt.
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