JP Legal LLC has experience in defending commercial foreclosures as well. If you have a commercial property facing foreclosure, contact JP Legal LLC immediately as the laws are different, and a commercial foreclosure can move much more quickly through the legal process than a residential foreclosure.
What is foreclosure? In Illinois, foreclosure is the legal process a creditor must go through to exercise its lien on a property. The creditor, usually a bank, has a mortgage that has not been paid, so the bank goes through a court process to be able to take the house and sell it at an auction to recover their loan.
Do I need a lawyer? An experienced foreclosure attorney can guide a homeowner through the stressful and emotional foreclosure process. A lawyer who is well-versed in the Illinois foreclosure laws can work with a homeowner to determine their needs and create a strategy to vigorously defend the lawsuit. These strategies can include workout options or other alternatives to the foreclosure process or even an exit strategy. This saves the homeowner a lot of grief and stress because there will be an action plan in place.
The attorneys at JP Legal LLC practice in Cook, Boone, DuPage, Kane, Kendall, Lake, McHenry and Will counties. Any other counties or courts can be discussed on an individual basis.
Residential Foreclosure Timeline in Illinois
The following timeline is rough estimate. The timeline can be longer or shorter due to multiple factors.
- First missed payment.
- 1-2 months after missing the payment the bank can send a Notice of Default informing the homeowner that they are in default and need to pay the bank, or the bank can proceed with the foreclosure process.
- After a certain period of time, the bank can file and serve the foreclosure summons and complaint on the homeowner. At any time, the bank can file and serve the foreclosure summons and complaint on the homeowner.
- 60 days after being served, the bank can seek a default judgment.
- Redemption period starts after the judgment has been entered. This lasts 90 days.
- The bank sells the home at a foreclosure auction.
- 15-30 days after the auction, the bank will have the judge approve the sale.
- Once the sale is approved, the homeowners are granted 30 days to move out of the property before the sheriff can evict.