Foreclosure Process
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The entire process in Illinois takes, on average, from the filing of
the complaint to the eviction by the sheriff, nine months.
The foreclosure process follows these basic steps:
Why It Matters
You risk the loss of your 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.
If you sell your home prior to the sheriff sale, you pay the past
due amounts and become current in the reinstatement period, or
you come up with full payment or refinance during the redemption
period; a personal judgement, loss of future credit and a
judgement will not appear on your credit report.
the complaint to the eviction by the sheriff, nine months.
The foreclosure process follows these basic steps:
- Default (you miss three or more mortgage payments)
- Filing of Foreclosure
- Personal Service of Summons (you get served with
“foreclosure” papers) - Court case is heard (within 30 days of personal service of
summons) - Foreclosure Judgment and Order of Sale (Judge issues
default on the loan) - Reinstatement Period Expires (90 days after personal
service) - Redemption Period Expires (7 months after personal
service or 3 months after judgment, whichever is later) - The home is sold at Foreclosure Auction (Sheriff Sale)
- Right to Possession Expires 30 days after foreclosure sale
confirmed (must vacate the property) - Eviction by Sheriff of Named Parties
Why It Matters
You risk the loss of your 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.
If you sell your home prior to the sheriff sale, you pay the past
due amounts and become current in the reinstatement period, or
you come up with full payment or refinance during the redemption
period; a personal judgement, loss of future credit and a
judgement will not appear on your credit report.
Doug Anderson, Real Estate Consultant
847.557.0106, ext. 110
doug.anderson@bluefence.com
847.557.0106, ext. 110
doug.anderson@bluefence.com
Reid Anderson, Real Estate Consultant
847.557.0106, ext. 134
reid.anderson@bluefence.com
847.557.0106, ext. 134
reid.anderson@bluefence.com