Understanding The Illinois Foreclosure Process.pdf

(4786 KB) Pobierz
The Real Estate Rescue Team
Presents:
Understanding The Illinois
Foreclosure Process
Understanding The IL
Foreclosure Process
What is foreclosure anyway?
Foreclosure is the legal process that lenders use to take back
property securing a loan, generally after the borrower stops
making payments. Foreclosure is no fun. But just know that it’s
not the end of the world. When you know how foreclosure in IL
works… it arms you with the knowledge to make sure you
navigate it well and come out the other end as well as possible.
Understanding The IL
Foreclosure Process
The Basic Stages of A Foreclosure:
There are a few stages that are important to any foreclosure
process. Foreclosure works differently in different states around
the country. The two ways different states use to foreclose upon
a property are:
judicial sale or power of sale (non-judicial sale).
Understanding The IL
Foreclosure Process
Connect with us by calling or texting (773) 676-2355
or through
our
contact page
to have us walk you through your specific
foreclosure process. In either scenario, foreclosure typically
doesn’t go to court until 3-6 months of missed payments have
elapsed. Usually (but not always), a lender will send out many
notices that you are in arrears – overdue or behind in your
payment.
Understanding The IL
Foreclosure Process
Under Judicial Foreclosure:
•
•
•
Your mortgage lender must file suit in the court system.
You’ll get a letter from the court demanding payment.
Assuming the loan is valid, you’ll have 30 days to bring payment to court to avoid foreclosure
(and sometimes that can be extended).
If you don’t pay during the payment period, a judgment will be entered and the lender can
request the sale of your property – usually through an auction.
Once the property is sold, the sheriff serves an eviction notice and forces you to immediately
vacate the property.
•
•

Plik z chomika:

Inne pliki z tego folderu:

Inne foldery tego chomika:

Zgłoś jeśli naruszono regulamin