Foreclosure Process in Illinois

The following is meant to acquaint you with the process of foreclosure as it occurs in the state of Illinois.  This is general information only and MAY OR MAY NOT directly apply to your specific situation.  Nor is the information provided intended to be comprehensive but is simply an overview of the Illinois foreclosure timeline.

According to Realty Trac, ILLINOIS HAS THE 4^TH HIGHEST NUMBER OF FORECLOSURES IN THE NATION.

The good news is that Illinois is what is known as a JUDICIAL STATE.  Unlike non-judicial states, the lender must go to court and get a judge’s permission to foreclose on a homeowner.  This provides an opportunity to fight and STOP THE FORECLOSURE!

Usually after the third missed mortgage payment, the loan is sent to the lender's attorney for foreclosure. A foreclosure lawsuit is filed to end your mortgage and take away your house. The Foreclosure Complaint is filed in court and the summons is ready for service. Service is accomplished when the legal papers are delivered to the homeowner. If the homeowner cannot be located in person, they can be served by the publishing of a notice in the newspaper.

 

A Lis Pendens is recorded with the Recorder of Deeds. A Lis Pendens is a document which stops you from selling your home until the foreclosure case is over.

The timeline for foreclosure in Illinois is typically anywhere between 210 and 270 days.

Once all parties have been served, the lender’s attorney sends a notice of motion (asking for a Foreclosure Judgment to be entered) and setting a court date.
A homeowner may give the lender a deed in lieu of foreclosure or may opt for an uncontested foreclosure.  While these actions may prevent a deficiency judgment, YOU STILL LOSE YOUR HOME!
You have 90 days after receiving the notice of motion to reinstate your mortgage by paying all the money you owe on the mortgage and all costs and fees. If you do this, you cannot reinstate your mortgage again for 5 years.

The vast majority of foreclosures occur because the homeowner does not show up in court.  The foreclosure happens by DEFAULT. 

If you show up on the court date WITHOUT A LAWYER, any of these things can happen: 1) You can ask for a "continuance" to hire a lawyer. A "continuance" means that you're asking the court not to make a decision that day, and to set a new court date to give you more time; 2) You can ask for more time to file an "appearance" and "answer". An appearance and answer are the forms you will need to file if you're going to represent yourself instead of getting a lawyer, and you think you have a defense to the foreclosure case; · The court could set your case for trial if you have some defense available to you. If you have no defense to the foreclosure then the court may enter a judgment against you.

While it is possible for you to represent yourself in a foreclosure action, IT IS NOT RECOMMENDED UNLESS YOU WANT TO LOSE YOUR HOME!

THERE ARE SEVERAL VALID DEFENSES TO A FORECLOSURE ACTION THAT CAN BE ASSERTED BY AN ATTORNEY KNOWLEDGEABLE IN FORECLOSURE LEGAL DEFENSE^TM.
If you lose at trial or you do not reach an agreement with the mortgage company then a Judgment of Foreclosure and Sale (saying that you no longer own the property or have any interest in the property) will be entered against you in court. Once a Judgment of Foreclosure is entered your redemption period (when you can try to keep your house by paying off the overdue money within a certain amount of time) begins. Your redemption period ends 7 months after the date of service of the foreclosure complaint if you are living in the home; 6 months after the date of service if you are not living in the home; or 3 months after the judgment is entered, whichever is later.

In order to redeem your mortgage, you must pay the amount of the judgment of foreclosure, which includes all money owed under the mortgage, all court costs, attorney fees and taxes. Within 7 Days after the Redemption Period Ends The foreclosure sale (of your property) takes place. The mortgage company must do certain things before the foreclosure sale can take place. A notice of sale must be published at least 3 weeks in a row, once per week. The notice must be published in a newspaper "of general circulation," in the real estate section. It will usually be posted in a local paper. The notice may be published during the redemption period. The mortgage company does not have to mail you a notice of the sale.

When the court confirms the sale they will give possession of the property to the buyer. This could be the mortgage company or a third-party buyer. The court will usually give you 30 days from the date the order is entered to leave the property.

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You no longer have the right to stay in your house and the mortgage company can ask the court to have the sheriff remove you from the property if you do not do so by yourself

As you can see, a foreclosure is a difficult process to go through and SHOULD BE AVOIDED AT ALL COSTS!!

Fortunately, there is a solution:  FORECLOSURE LEGAL DEFENSE^TM

The process of Foreclosure Legal Defense^TM is not only able to stop an impending foreclosure, but the process is designed to put the lender in a position where FORECLOSURE BECOMES DIFFICULT even impossible!

To understand this process, go here.