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Every state has their own laws governing the foreclosure process. Below is a brief description of the process/timeline for Illinois.
We recommend that you contact an attorney to seek legal advice first and foremost if you are in the process of foreclosure.
NOTE: You still have some options to pursue once you have received a notice of foreclosure to try and avoid this unfortunate event, but the clock is ticking and you need to move quickly. Foreclosures are very expensive and believe it or not, banks do want to avoid them if possible.
You may still be able to sell your home. Even if your mortgage owed is more than the current market value of your home, you may still be able to do what is known as a Short Sale. Time is crucial at this point, and you must not hesitate to take action and explore a Short Sale alternative.
CALL US IMMEDIATELY, WE MAY STILL BE ABLE TO HELP YOU.
The ideal time to call us is as soon as you start realizing that you are in trouble and may not be able to keep up with your mortgage payments. That time may be passed us now and we can't worry or do anything about it. We need to focus on the now, right now, and see if we can still avoid a foreclosure for you. But please keep this timeline in mind though so you can help anyone you know who is falling behind in mortgage payments. You can now help someone prevent going through the agony that you have been going through - have them call us as soon as they realize they are in trouble with mortageg payments.
CALL US AND WE CAN HELP YOU SORT THROUGH YOUR OPTIONS NO MATTER WHAT STAGE YOU ARE AT CURRENTLY.
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REASONS TO AVOID FORECLOSURE
1) A borrower will always have to disclose on any future mortgage
application that they have had a foreclosure in the past.
2) Foreclosure is the most devastating issue on credit history and may
lower a credit score by as much as 300 points or more.
3) Foreclosures on a credit report are impossible to repair and remain
on the report for 10 years.
4) The lender can seek a deficiency judgement against a borrower for
the money not recuperated from the final foreclosure sale.
5) Future employers may run credit reports and a foreclosure
may jeopardize employment possibilities.
6) Security clearances and government positions may be also
jeopardized by a foreclosure.
ILLINOIS FORECLOSURE PROCESS
The foreclosure in Illinois takes approximately nine months from the filing of the complaint by your lender to the eviction by the Sheriff. Following is an outline of the procedure:
* Default - the date of the first payment missed.
* Filing of the Foreclosure by the lender.
* Personal Service of the Summons to the borrower.
* Foreclosure Judgement and Order of Sheriff Sale.
* Reinstatement Period Expires - a borrower has the chance to
reinstate the mortgage within 90 days from the date after
personal service has been served. All past due payments,
including accumulated costs and fees, must be paid in full.
* Redemption Period Expires - the borrower has the right
to also redeem the mortgage. This means paying off the entire
loan and all attorneys' fees and court costs. The borrower has 7
months from the date they were served with the summons or 3
months from the date the judgement of foreclosure was entered,
whichever is later.
* Foreclosure Sale - also known as the Sheriff's Sale. This sale
must take place after the expiration of the redemption period.
* Foreclosure Sale Confirmed - following the sale, a Report of
Sale must be made within 10 days of sale. A Motion to Confirm
Sale is then filed in court and a Sheriff's Deed is issued to the buyer
from the Sheriff's Sale, which is usually your lender.
* Right to Possession Expires - 30 days after the foreclosure
sale is confirmed the home must be vacated.
* Eviction by Sheriff of Named Parties - if borrower does not
vacate the premises, the Sheriff is ordered to remove the borrower.
* Recording of Foreclosure Deed - lender now owns the
property and takes control of the property.
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