Serving Waukegan, Libertyville, Lake County, Gurnee & nearby areas of Illinois

Posted: April 23, 2010

Our firm represents one local financial institution in mortgage foreclosure matters and often represents other parties in these types of cases. With the proliferation of delinquent home loans, we are frequently asked how long the mortgage foreclosure process takes. The following are general guidelines but these can vary depending on the nature of the case. Also, the current case volume makes it more difficult to get court dates than it used to, sometimes causing further delays. Contact us if you need assistance with a mortgage foreclosure case.

– Most lenders will begin the foreclosure process after the borrower has missed three monthly payments
– A law firm will then file a complaint with a court having jurisdiction over the property
– A sheriff or process server will serve the borrower and other parties interested in the property with a summons. The parties generally have 30 days to appear in the case and respond but can get additional time in some instances .
– If no defense to the foreclosure is raised, the law firm will file a motion within the court more than 30 days after the parties have all been served requesting a judgment.
– The right to reinstate the loan (or bring it current) expires 90 days after entry of the judgment. Many courts and lenders will agree to extend this deadline if they believe the borrower has the ability to get current.
– The right to redeem the loan (pay it in full) will expire either 7 months after the summons is served or 3 months after the judgment is entered, whichever is later.
– Once the right of redemption expires, a sheriff’s sale takes place. The foreclosing lender places the first bid. The lender will will the auction unless higher bids are made.
– After the sheriff’s sale, the attorney must appear before a judge and have the sale confirmed. The borrower is given 30 days after the confirmation order is entered to vacate the premises. Otherwise, they can be evicted.
– A special right of redemption exists in some cases for up to 30 days after the entry of the confirmation order