Tuesday, July 31, 2012

How Long Will Your Foreclosure Take?

Here is a guide to help forecast a typical home foreclosure in the state of Illinois. Now, this model is intended for those who do not wish to fight the foreclosure process. Granted all cases are quite different, this information is general timeline of the foreclosure process. Though, before your lender can sue you for mortgage foreclosure, they must see if you qualify for a loan modification under the federal government’s Home Affordable Modification Program (HAMP). To qualify for HAMP, both you and your mortgage lender must be eligible.

Remember, if you at all are having legal trouble regarding a foreclosure, do not hesitate to contact the experienced River Forestforeclosure attorneys. They can help steer you through your own foreclosure process—no matter how challenging it may be.

0-2 Months
After three missed mortgage payments, foreclosure action commences; this constitutes the legal proceedings over the termination of your mortgage and repossession of your home. Once this has begun, the Sheriff’s office will serve you (deliver the legal paperwork) the foreclosure complaint. If the Sheriff cannot locate a party, they can post a notice in the newspaper.

2-3 Months
After receiving the foreclosure complaint, you have 90 days to reinstate your mortgage. This right of reinstatement means that you are allowed to repay the total money you owe on the mortgage, plus all costs and fees. If you have the ability to repay this sum, then the foreclosure case against you is over; though, you cannot exercise your right of redemption again for five years.

If you decline or are unable to employ your right of reinstatement, then you will receive notice of motion. A notice of motion is a written announcement requesting your presence at court and detailing your court date information. It is highly advisable to appear at court—as additional penalties may ensue if you do otherwise.

3-4 Months
At court, the judge may offer you and your family more time to hire a lawyer or to complete certain paperwork. If not, the judge will send you directly to trial. Assuming you are not fighting the foreclosure case at trial, you will then receive a judgment of foreclosure and a sale against you which states that you no longer possess the property. Upon receiving your judgment of foreclosure, you enter a redemption period (different from a right of reinstatement). This timeframe allows you to pay off certain costs, such as overdue mortgage payments, attorney’s fees, taxes, etc.  Your redemption period ends:

Seven months after you are given the foreclosure complaint, if you are living in the home.

Six months after you are given the foreclosure complaint, if you are not living in the home; or three months after you receive the judgment of foreclosure against you, whichever is later.

7-10 Months
Before the foreclosure sale of your property takes place, the mortgage company must publish a notice of sale in a widely read, local newspaper. This notice must be in the real estate section and should appear at least three weeks in a row. If this is not the case, the foreclosure sale may not be valid and, under your rights, you are able to take legal action.

8-11 Months
A court will confirm a foreclosure sale unless you can prove one of the following:

-Notice was not given in the right way
-The terms of sale were unreasonable
-The sale was conducted fraudulently (in a dishonest way)
-The lender violated HAMP requirements

9-12 Months 
You no longer have the right to stay in your house and the mortgage company can ask the court to have the Sheriff remove you from the property. After you have left the property, you will receive a foreclosure deed—a written document of the foreclosure—which also become a public record.

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