Illinois Foreclosures are conducted in the Courts

istock_000000764931xsmallAll foreclosures in Illinois are conducted in the courts. The lender must file  a lawsuit to obtain a judgment for foreclosure.

The first notice a home owner will receive is a formal legal document called a “Notice of Default” (NOD). The general time frame to receive a NOD is 90- days after the first missed payment.

The second  notice is called “Notice of Motion”. This notice usually requests the homeowner to appear in court and plead its case, give reasons to the court for the missed payments, or come up with a plan to satisfy the default.

If the borrower does not appear in court a lender can file a “Complaint to Foreclose Mortgage” with the court. This Complaint to Foreclose would be the third notice sent to the homeowner or published in the paper. Another 30-days is granted to the homeowner to file an answer to the court.

If the homeowner again fails to answer , the court will usually issue a “Default Judgment”  in favor of the lender. From the date that the Judgment is entered the borrower has a statutory 90-day redemption period before a sale can take place. If the home is abandoned this 90- days can be shortened to 30-days.

A Sale date must be after the Redemption period.

A ” Notice of Sheriff Sale” is published in a local paper, in the county where the property is located once a week for three weeks. Not less than seven days after the final notice is the Sale Date published.  The lender provides the opening bid. The person with the highest bid at the sale receives a Certificate of Purchase.

Following the sale, the Sheriff or selling officer will report the sale and “Motion to Confirm Sale” must be filed  before a Sheriff Deed is issued.

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