Foreclosure
The entire process in Illinois takes, on average, from the filing of the complaint to the eviction by the sheriff, nine months. Foreclosure defense in court is seldom successful in defeating the foreclosure action but may prolong the foreclosure by as much as 24 months. If the property is not residential or is abandoned, the process can be substantially shortened.
We can help you figure out your options during this difficult time. Sometimes, there are issues with the mortgage document, which may offer a foreclosure defense. More often than not, the only realistic option is to file Bankruptcy, but in either case, we will work on each case, to see what options will produce the best outcome.
The following is an outline of a typical foreclosure case:
- Default
- Filing of Foreclosure
- Personal Service of Summons
- Foreclosure Judgment and Order of Sale
- Reinstatement Period Expires (90 days after personal service)
- Redemption Period Expires (7 months after personal service or 3 months after judgment, whichever is later)
- Foreclosure Sale
- Foreclosure Sale Confirmed
- Right to Possession Expires (30 days after foreclosure sale confirmed)
- Eviction by Sheriff of Named Parties
- Recording of Foreclosure Deed
Why It Matters
The homeowners risk the loss of their home (including any accumulated equity), a personal judgment for the debt, and the loss of future credit, since a foreclosure judgment appears on credit reports.
Options
If the house is not yet in foreclosure, the client should immediately contact the lender and try to work something out. If contacting the lender does not work, you should immediately contact a knowledgeable foreclosure attorney. It might be in your best interest to stop paying your mortgage and work out a Chapter 13 repayment plan.
Once the house is in foreclosure, the client should decide if they can and wish to keep the house or if they wish to move. A realistic and careful assessment of the client’s income and expenses must be done to determine if it is feasible to keep the home.
If the homeowner is to keep the house, they must reinstate, redeem, file a Chapter 13 bankruptcy, or attempt a work out with the lender.
If the homeowner does not want to keep the house, the client can sell the house, offer a deed-in-lieu of foreclosure, or file bankruptcy. This is a complicated process, which should involve an attorney every step of the way.
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What Our Clients Say:
"Galina Karpel has made my hard times much easier. She explained all of my options clearly and we now have a game plan. Thank you so much for the wonderful help!"
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