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If you think that you can use the Illinois Mortgage Foreclosure Law to your benefit to keep your home, think again. The law was substantially revised in 1986 to promote third party bidding at foreclosure sales. Period. In other words, it was changed for the benefit of lenders to help reduce the number of properties that they took back. The only significant change in the law since then was a change in the way that tenants are evicted from foreclosed homes and even that change was made only after a federal lawsuit was filed.
Nevertheless, foreclosing your loan is a legal process That takes time. During the process you have rights, such as the right to possession and the right to payoff the loan through a refinance or sale of your home. You must be served with the foreclosure complaint and you can obtain legal advice about your options to avoid foreclosure and whether your lender or their attorney have made any mistakes during the process.
However, it is important for you to understand up front that going to court will probably not save your home. More often than not, the most effective action you can take to avoid foreclosure is to call your lender to determine which workout options described in this Guide apply to you.
While the foreclosure is ongoing, you can refer to the chart below to determine how much time you have before the foreclosure will be completed. The same steps and time frames apply to cases filed in either State court or Federal court.
- Plaintiff's attorney receives referral package and orders a title report.
14 days later. . .
- Plaintiff’s attorney receives title report and drafts Complaint plus supporting documentation such as Summons, Affidavit of Publication, Lis Pendens and Affidavit as to Unknown Heirs and Legatees.
7 days later. . .
- Complaint filed, summons placed for service, Lis Pendens recorded.
Within 60 days. . .
- Service completed by Sheriff, special process server or by publication.
14 days later. . .
- Plaintiff's attorney reviews court file and sends notice of motion for entry of Judgment of Foreclosure and Sale.
21 days later. . .
- Judgment of Foreclosure and Sale entered.
- Redemption period expires. 7 MONTHS FROM DATE OF SERVICE IF YOU OCCUPY THE HOME OR 6 MONTHS FROM THE DATE OF SERVICE IF NOT, OR 3 MONTHS FROM THE DATE THE JUDGMENT IS ENTERED, WHICHEVER IS LATER.
Within 7 days after the redemption period expires. . .
- Foreclosure sale occurs
21 days later. . .
- Foreclosure sale confirmed by court.
30 days later. . .
- Possession of property by named parties expires.
45 days later. . .
- Eviction of named parties from property by Sheriff.
And. . .
- Eviction of unnamed parties from property by Sheriff:
45 days later pursuant to
- a. Supplemental Order of Possession or
120 days later pursuant to. . .
- b. Forcible Entry and Detainer.
After property is vacant. . .
- Foreclosure deed recorded.
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