Real Estate Law
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In Illinois, property is foreclosed through the court system. Apparently, the lender has already filed suit against you due to a default in payments. You're kind of between a rock and a hard place. If you don't go along with what they're suggesting, you're going to lose your house to foreclosure. However, if you agree to the order with a 10 year provisionary period, and you miss one payment, you're going to have no defense to being kicked out.
If you agree to the order, you should have language in the order stating what will happen after 10 years - that you'll be allowed to resume your payments and the foreclosure withdrawn or order released, etc.
It is not normal, historically speaking. However, banks are more willing to work with debtors to keep from putting them out of their homes.
I certainly would advise you to have an attorney review and advise you on signing an agreed order that is essentially giving up all of your rights and defenses.
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