mortgage foreclosure timeline in illinois€¦ · foreclosure entered the right to redeem the loan...
TRANSCRIPT
Borrower misses 1stpayment
Borrower misses 2nd payment and lender sends notice informing borrower of default
Month 1 2 74 5 863 1413 15
Borrower misses 3rd payment; lender begins foreclosure process, informs borrower of intention to foreclose and sends file to attorney to initiate foreclosure
Foreclosure attorney reviews file, prepares complaint
Complaint filed
No (or insufficient) answer filed by borrower; motion for default filed by lender
Default (or summary) judgment of foreclosure entered
The right to redeem the loan via payment of judgment plus post-judgment expenses expires 7 months after service or 3 months after judgment
The right to reinstate mortgage expires 90 days after borrower is served
Judicial sale after notice of sale is published for at least 3 weeks
Order confirming sale entered; order of possession entered and stayed for 30 days
The special rights to redeem expire 30 days after confirma-tion. Order of possession goes to sheriff; borrower can be evicted
LISC/Chicago graphic created by Amadi Jordan-WalkerSource: Home Ownership Preservation Project @ Legal Assistance Foundation of Metropolitan ChicagoPhotos by: Alex Fledderjohn of Tu Multimedia
Mortgage Foreclosure Timeline in Illinois
Answer due to court
Borrower personally served
From the first missed payment to eviction, it takes 16 months for a typical foreclosure proceeding to conclude.