When you buy a house, the bank owns it until the day that you make your very last payment. Should you have difficulty paying the mortgage the bank can reclaim the house through foreclosure.
No one buys a house thinking that it will be surrendered in foreclosure someday. Unfortunately, it does happen. One in every 625 houses in the Chicago area will be foreclosed upon this year. If you allow the process to run its course without a fight, expect it to take up to eight months from start to finish. However, if you choose to fight the foreclosure the process can take 18 months or more.
The process of foreclosure
If you find yourself served with a notice of foreclosure, here’s what you should know and expect:
- Default is the first step in the foreclosure process. During this time, you will receive notices from your bank asking for your delinquent payments.
- A Notice of Foreclosure will be sent to you once you pass the 120-day delinquency mark.
- A Judgment will be made when your case is heard in court. This is when you will be ordered to sell your property.
- A Notice of eviction will be presented to you once the house has been sold.
- A deficiency judgment may still be owed under Illinois law. This means that you are responsible for the difference between the amount collected in the sale and what you actually owe.
Remember that the bank can serve you with a notice of foreclosure once your mortgage payments are delinquent for 120 days. Once you receive that notice, you must act quickly if you want to fight. This is when you need to seek out legal guidance to assist you with your defense.