Foreclosure Timeline for Illinois Residents

 Posted on July 07, 2014 in Foreclosure

There's good news for Illinois homeowners: It appears that the percentage of foreclosures is on the decline and the forecast appears promising. According to The Illinois Foreclosure Listing Service, the number of listed foreclosures for the first quarter of 2014 have decreased by 39.17 percent.

As the real estate market appears a bit brighter for Illinois, there are still homeowners struggling to pay their mortgage and possibly facing foreclosure. Aside from contacting an experienced Illinois foreclosure attorney, taking a moment to familiarize yourself and prepare your family with a tentative timeline of the foreclosure process under Illinois Code of Civil Procedure (735 ILCS 5) may prove helpful.

Immediate Action

If not considered before, speaking with your attorney about the federal government's Home Affordable Modification Program (HAMP). If you do not meet HAMP eligibility requirements, the following will give you a brief timeline of what to expect if you and your attorney agree that foreclosure is your best option.

The Months Ahead: Zero to Two Months

It has been determined that you are already three or more months behind on your mortgage, therefore foreclosure action will begin. Your bank is required to file a lawsuit to take formal possession of your home. At this time you will be served with the official paperwork either by the Sheriff or an appointed server. If you make yourself unavailable to receive this formal complaint, the notice will be published in your local newspaper.

Two to Three Months

Once served, you and your family have 90 days to reinstate your mortgage. If not obtainable, you will receive a Written Announcement of Warning listing a scheduled court date. This period is usually called a Motion for Summary Judgement.

Three to Four Months

This is the time for you and your attorney to define your course of action. During court, the presiding judge will enter a Judgement of Foreclosure against you. This states the terms of your mortgage loan and your inability to satisfy these terms. Following this course of action, your Redemption Period begins with the hopes that you will be able to satisfy the overdue mortgage, court costs, attorney fees and all applicable taxes. The Redemption Period only ends after seven months if you are living in the home; six months if you vacated the home or three months following the Judgement of Foreclosure.

Seven to 10 Months

Before the bank lists your home as a foreclosure property, they must publish the sale in your local newspaper for a period of three weeks and to formally determine your eligibility under HAMP. If HAMP is declined and the above criteria has been met, the foreclosure is validated.

Eight to 11 Months

If your attorney believes that notice was not properly given, the sale terms were unreasonable, the sale was fraudulent or the lender violated HAMP guidelines, it will be discussed during this time period.

Nine to 12 Months

If your attorney could not prove an injustice, it is during this time period that you will need to vacate your home. Your attorney will advise you that it is best to do so voluntarily to avoid legal removal from your home. After you vacate the property, a Written Document of Foreclosure will become public record.

The Future

Begins with a qualified Illinois foreclosure attorney. The legal team of Newland & Newland, LLP understand that you would like to avoid foreclosure. By contacting us at the first sign of mortgage distress we will assess your situation and discuss your options. Since 1993 we have been counseling Illinois residents on all available options such as: HAMP alternatives; strategic default; and forensic loan auditing. Contact us today for an initial consultation for some good news of how we may build a strong foreclosure defense.