The Illinois Foreclosure Process

The laws of most states prohibit the defining of laws and professional processes by anyone other than a licensed professional in that field.

This Definition of Foreclosure Process report is a collaboration of authors who are Real Estate Brokers, Commercial Mortgage Brokers, licensed Residential Mortgage Brokers and excerpts from Illinois Free Legal Service Websites, along with the authors personal experiences.

Walk Through The Foreclosure Process

We have already covered the first 90 days

of the foreclosure process in the previous reports,

as of this point in time,

the 91st day your late,

the lender will no longer accept

anything less than the full amount due;

On a typical home mortgage

where the payment is $2,000.00 per month,

by the 91st day,

the arrearages

(missed payments, penalties, extra interest and legal fees)

may easily total in excess of $8,000.00.

As time goes on, these arrearage fees will increase quickly.

The lender will no longer accept payments in any amount less than the full total delinquent Amount.

If they did,

the foreclosure process they had started

would close and they would have to start over.

They will never give up this position

without some type of approved and agreed to settlement plan.

See Remedies and Solutions.

Within a month or so,

depending on the lender,

of the 91st day your late,

the lender's attorney will file foreclosure action

against you for relief to the lender.

You will be served notice of this action with;

a summons for a court hearing within the next 30 days.  

At the time of this summons service ,

you will also receive a copy of; 

• the Complaint to Foreclose Mortgage   
•  the Plaintiff's Request For Relief   
•  a copy of your signed mortgage   
•  and a copy of your signed promissory note   

The court hearing will be to; 

• hear the Complaint to Foreclose Mortgage case that the lender has brought against you. 
• to hear your defense against this case and action 
• and to set the foreclosure time line of the case 

It is very important you attend this court hearing!

The lender will be asking the court to foreclose on your home

and to shorten your redemption period,

read the Plaintiff's Request For Relief

in the paperwork you were served.

Think of the court hearing in this context;
There are three positions in the court; 

If the Judge only sees and hears one side,

he (or she) 

can only rule in favor of the side that has come to court.

Don't give up any of your rights and or options.
 

You Must Present A Defense - or at least show up 

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