In Illinois, foreclosure usually takes between twelve and fifteen months, although some foreclosures may be more complicated than usual and take longer. There are several steps to the foreclosure process, some of which have mandatory minimum response periods for the debtor. Here’s a rundown of foreclosure happens and how long each step takes.
What Happens When I Start Missing Mortgage Payments?
Usually, a lender will call the debtor when the second mortgage payment is missed, and the debtor is 60 days late. It’s a good idea to take that phone call and talk to the lender. They may be able to work with the debtor.
What Triggers the First Step of Foreclosure?
Once the third payment is missed, the lender involves its attorney and sends a notice of intent to foreclose. This step makes the process part of the public record. Note that as part of the public record, the debtor might receive calls and letters from companies promising miracle fixes. There are no miracles, and these are best ignored. However, this is an excellent time to bring in an experienced foreclosure defense attorney.
When Will I Be Summoned?
When the mortgage payments are 120-175 days late, a sheriff or summons server will serve the debtor with a summons. If they can’t reach the debtor personally, they can file the summons in the local newspaper of record. Once the summons or newspaper notice is done, the debtor has 30 days to respond. If they don’t respond within 60 days of the summons, the lender can file a default motion that could lead to a default judgment being entered against the debtor.
When Is the Last Chance to Reinstate the Loan?
Once the summons is served, the debtor has 90 days to reinstate the loan. That means they come up with all the funds past due and any late fees, court costs, and attorney’s fees. But once the 90 days have elapsed, it’s no longer possible to reinstate the loan.
What Is the Right to Redemption, and When Does That End?
The right of redemption means the debtor can try to pay off the loan by selling or refinancing the home. This right expires seven months after being served or three months after a judgment is entered, whichever is later.
When Is Foreclosure Inevitable?
Once the right to redemption expires, the sheriff will sell the home at a foreclosure sale. Once the court confirms the sale, usually 15 days after the sale, the foreclosure is essentially a done deal. The court provides the debtor a 30-day window after approving the sale for the debtor to move out. If they don’t, the court will give an order of eviction to the sheriff, and the debtor will be forcibly removed if necessary.
Let Us Advise You
If you or someone you know is facing foreclosure, call us at 708-575-1500 to work with one of our experienced foreclosure defense attorneys.