To understand the foreclosure process in Illinois you want to have some specific information on how that process works. The foreclosure process in Illinois is handled by the judicial court system on an individual case basis. A decision on a foreclosure case can be made within a few months, and that will be deferred to the first attempt to deliver the summons, and assuming the defensive (s) do not contest it. Because of the ninety day reinstatement period beginning from the date the summons was served, a judgment could not be given before that date. Because of the statutory redemption periods, a sale can not be anywhere from thirty to ninety days from the date the judgment of foreclosure is registered. The court can increase the period of redemption on a case by case basis.
The first step of the foreclosure process in Illinois is the pre-foreclosure procedure. Prior to a mortgage company foreclosing on a borrower, a title search should be done. All liens that seagulls to the bank's needs to deal with before the foreclosure, or the buyer wants to acquire the home ownership with the property. All other holders are required to be defendants in the bank & # 39; s foreclosure suit to guarantee the title of the property is free and clear of liens for the foreclosure auction.
The second step is the recording of a Complaint to Foreclose Mortgage. When a property owner defaults on his loan agreement the Complaints to Foreclose Mortgage with the court. The Complaint is then served on the borrower and all named defenders in the complaint. If there is a deficiency, Illinois law provides for service by publication. Once a summons is received, a defender has 30 days to record to answer with the court. If the defendant (s) fails to file an answer, the court wants to record an order of default if requested by the lender filing the Complaint. If the property owner or other party can be found in the case of the contest, the case can be considered as having been submitted to the case.
The property goes to a property. This statutory period may be reduced by the court. The court can thus reach a decision for the period of time to be lengthened.
Step 3 of the Illinois Foreclosure Process is the Sheriff's Sale. The date of the sale needs to occur. A Notice of Sheriff's Sale is located next to the county where the property is located once a week for 3 consecutive weeks. Sheriff's sale is held. A period of 7 days must pass. The lender selects the starting bid price, which is usually the full loan amount owed on the property. The property is awarded the highest bidder and receives a Certificate of Purchase.
After a sale occurs, the officer in charge of the auction has a report of sale within the days of the sale. At this point a motion to confirm sale must be filed and the sale confirmed by the court. The final step is a sheriff's deed is submitted upon the ratification of the court.
These 3 steps are the basics to understanding the foreclosure process in Illinois. Keep in mind that the court proceedings will be from and with your county courthouse where you stay.Immobilienmakler Heidelberg Makler Heidelberg
Source by Matthew Nixon