TODAY'S REAL ESTATE TOPIC: THE FORECLOSURE TIMELINE - HOW LONG DOES IT TAKE?
By: Christine Moscinski, Broker Associate @Gobber Real Living Realty - Chicago, Illinois
SEPTEMBER 27, 2012
What is a Foreclosure
Foreclosure: Legal process which a bank/lender repossesses a piece of property after the owner has failed to pay the lending institution.
How long is the typical foreclosure timeline in Illinois?
The timeline for foreclosure in Illinois is typically 9-16 months (2009).
- Month 1-3: Homeowner stops making mortgage payments
- Month 3-4: Lender files a lawsuit in court against Homeowner
- Month 3-4: County court approves lawsuit (called Lis Pendens) . The Homeowner is notified and notice becomes public record.
- Month 6-8: The court issues a sheriff's sale to start process to sell the property.
- Month 8-10: If the Homeowner cannot pay the judgment amount or work with the lender to stop the sale of the home, the property is sold at a Sheriff Sale.
- Month 9-11: There is a 30-day redemption period (even after the sale, the Homeowner has a right to buy back the home).
- Month 10-16: The property becomes an REO (bank-owned corporate owned property)
- The REO Property comes on to the MLS for sale
If you or someone you know is in default of their home loan, call Christine today for help. Consultation is free and you may save your home 708/369-8094.
Christine Moscinski is a Broker Associate and member of The "House Hunters Team" at Gobber Real Living Realty - Specializing in Local Real Estate Markets - REO - Short Sale - Foreclosure. Call her if you are in need of professional advice and guidance on your next purchase or sale - You'll be glad you did!
TEL: (708)369-8094 Available 24/7/365 - Visit her website at: http://www.ehousehuntonline.com and Twitter @cmoscinski