UNDERSTANDING FORECLOSURE IN ILLINOIS


#1.  Borrower Defaults on Mortgage

#2.  Lender Files a Complaint

#3.  Lis Pendens is Recorded

#4.  Court Hearing Date is Set for Sale.
 
#5.  Sale of Property is Advertised

#6.  Property Sold to the Highest Bidder or is Purchased by Lender

#7.  Buyer Receives Certificate of Sale

#8.  Period of Statutory Redemption Begins

#9. Sheriff's Deed is Conveyed to Buyer; Mortgagor Evicted

#10. Possible Deficiency Judgment on Borrower

 
 

FORECLOSURE FAQs

 

#1.  How long does the typical foreclosure process take in Illinois?

In Illinois, the foreclosure process takes 10 months and likely longer.  Today, the foreclosure process likely takes 210-300 days.

#2.  What is a Sherriff's Sale?

A Sheriff's Sale is a forced sale of the home, commonly through an auction, under the authority of a court judgment in order to satisfy an unpaid obligation. 

  • A Sheriff Sale is typically published for a specific number of weeks prior to the sale in a local newspaper.
  • Inspections of a home prior to a Sheriff's Sale is unlikely.  Potential buyers typically have limited or no access to the home.
  • Buyers at the Sale are responsible for paying outstanding liens.

#3. Why Does the Lender Get the House?

In this day in age, the minimum bid the lender is willing to accept is, typically, more than a buyer is willing to pay.  Thus, the home goes back to the lender as an REO or Real Estate Owned/Bank Owned property.