Judicial Foreclosure Lawyers in Lake County, IL

Libertyville Court Enforced Home Foreclosure Sale Attorneys

"Foreclosure" is a word that can strike fear in even the strongest of people. The thought of losing your home in foreclosure can be almost overwhelming, especially if you have already started to fall behind on your mortgage payments.

At Newland & Newland, LLP, we know that bad things can and do happen to good people, and if you are facing possible foreclosure, you should know that you do not have to face the situation alone. Our lawyers have been serving clients throughout Northern Illinois for nearly three decades, and we have more than 60 years of combined legal experience that we are ready to put to work for you and your family. We are equipped to help you deal with all aspects of your foreclosure case.

Judicial Foreclosure in Illinois

The foreclosure process in Illinois is governed by the Illinois Mortgage Foreclosure Law (735 ILCS 5/15, Part 11), often shortened to the IMFL. Under the IMFL, all foreclosures in the state are to be handled through court proceedings. Other states allow for non-judicial foreclosures, but in Illinois, the courts are responsible for foreclosures. A judicial foreclosure is usually filed in the circuit court of the county in which the property is located, but some lenders will initiate foreclosure proceedings in federal court instead. At Newland & Newland, LLP, we will provide the guidance and representation you need, regardless of where your case has been filed.

The Judicial Foreclosure Process

If you are 120 days delinquent on your mortgage, your lender can initiate formal foreclosure proceedings by filing a complaint in court. You will be personally served a copy of the complaint and a summons, and you will have 30 days to respond to the complaint. During this period, it is important to speak with an attorney about your available options and the best way to proceed with your case.

In most cases, the lender will file a motion for summary judgment because missed mortgage payments are usually sufficient proof that you did not uphold your end of the mortgage agreement. Depending on the circumstances, the hearing on the motion for summary judgment will be held within two months of the filing of your response.

If the court issues a summary judgment in the lender's favor or if the case goes to trial and you lose, your case is not over yet. You have at least three months to come up with enough money to keep your home, but most borrowers in foreclosure do not have the means to do so. During this period, the notice of the judicial sale of your home will be published in local newspapers.

The sale typically involves only representatives from banks, but third parties may also attend. The property will be sold to the highest bidder, or ownership will remain with the lender. The court must then approve the terms of the sale to finalize the foreclosure. Depending on the terms of the foreclosure, you will then have between 30 and 60 days to vacate the home or you will be forcibly evicted.

The average timeframe for a judicial foreclosure is about 12 to 18 months. Once foreclosure proceedings have started, they can be stopped by resolving the outstanding debt or by negotiating a consent foreclosure with the lender.

Call 847-549-0000 Today

The judicial foreclosure process can be challenging, but our team is equipped to help. Contact our office for a free phone consultation by calling 847-549-0000 today. From five convenient locations, Newland & Newland, LLP serves clients in Libertyville, Arlington Heights, Waukegan, Grayslake, Lake Bluff, North Chicago, and throughout Northern Illinois.