How Long Does it Take to Complete a Foreclosure in Illinois?
Richard Fonfrias, J.D.
Chicago's Financial Rescue & Bankruptcy Lawyer
Fonfrias Law Group, LLC
In Illinois, it can take 12-15 months to complete a foreclosure. However, it might not take this long - or it could take even longer - depending on your bank and the court system. Here's the timeline.
Your mortgage payment is past due.
This is the date of your first missed payment.
30-60 days late.
You miss your second payment.
When your lender calls, make sure you speak with him right away. Tell your lender why you can't pay and when you may be able to pay in the future.
60-120 days late. You miss your third payment.
Your lender will send you a notice of intent to foreclose and will tell its attorney to start foreclosure proceedings. Your foreclosure will become a matter of public record. You will begin to receive offers to "help" you in the mail, on the phone, and in person. These offers are usually "too-good-to-be-true" and may cause you even more trouble. Don't contact any of these companies. Please call me. I am a Chicago BK lawyer who specializes in foreclosure rescue in Illinois. You and I can discuss your options over the telephone at no charge to you.
120-175 days late.
You will be personally served with a summons by the sheriff or a process server. You won't help yourself by not answering the door. If they are unable to serve you in person, they will post a public listing in the newspaper and this will serve as your notice. You will have 30 days to reply. Your problems are getting even worse and you're fast approaching the foreclosure sale. Please call me while we still have time to protect your home.
60 days after being served.
If you do not answer the summons, the lender may file a default motion and the court could enter a default judgment against you.
90 days after being served.
Your right to reinstate your loan expires. Reinstatement means paying your lender the total amount past due, including the monthly payments you owe, late fees, court costs and attorney's fees.
7 months after being served or 3 months after judgment, whichever is later. Your right to redemption expires. Redemption is your right to pay off your loan, usually by selling or refinancing your home. Your home will be sold at a sheriff's foreclosure sale.
15 days after the sale.
The court enters an order confirming the sale of your property and an order for your eviction. The order for eviction is stayed for 30 days, which gives you 30 days to move.
30 days after the court orders the sale.
The order of eviction goes to the sheriff and you may be forcibly evicted.
IMPORTANT NOTEIf your mortgage lender is about to foreclose on your home, call me and I will file an emergency bankruptcy petition. This can delay or stop the foreclosure process and give us time to discuss your options.
Before you make any decisions about your finances, I encourage you to call me. I am an experienced Chicago BK lawyer who specializes in financial help for businesses and individuals including IRS debt help, foreclosure avoidance and bankruptcy. I'll give you the facts, look over your situation, and answer your questions. Then you'll be able to make an informed, intelligent decision. And I offer this information to you without charge. If you would like to speak in confidence to a bankruptcy attorney in the Chicago area, please give me a call.