Foreclosure Timeline

If you were just served with a foreclosure summons, your first thought might be: "What do I do? Do I have to move out right away?"

Here's the good news:

In Illinois, the foreclosure process takes several months. And all throughout that time, you're still the owner of your home - you don't need to move out right away.

Why Call The Bankruptcy Attorneys Of Billbusters, Ledford, Wu & Borges, LLC?

We can help buy you more time. We might even be able to help save your home from foreclosure. If you've been served with a foreclosure notice anywhere in the Chicagoland area, call 312-574-3327 or contact us online for a free consultation.

Your Rights in Home Foreclosure

  • Reinstate your mortgage. Under state law, you have the right to reinstate your mortgage for 90 days after you receive the summons. This means that you can stop the foreclosure by paying all past due mortgage payments, late payments, and all other related fees. After 90 days, you have no right to reinstatement the mortgage, but the mortgage company may accept full reinstatement even after the 90 days if it chooses.
  • Redemption. You also have a right of redemption for at least seven months after you receive the summons. This means that you have the right to sell your home, refinance, or pay off the loan in full (including all past due mortgage payments and related fees).
  • Auction. Once the house is sold at a judicial sale the buyer of your property has to set a hearing in front of the judge in order to have the judge approve the sale. Most buyers will usually set this hearing about two weeks after the sale. At the hearing to approve the sale the judge will enter an eviction order but stay eviction for 30 days or longer with good reason in order to give you an opportunity to move out. If you stay longer than the time allowed by the judge, the buyer of the property can then have you forcefully evicted.

Why Consider Bankruptcy?

If you want to save your house, bankruptcy can help you. Filing Chapter 13 bankruptcy reinstates the mortgage, so that you resume making your regular mortgage payments. Through debt reorganization, you can pay past due payments, late payments, penalties, fees, and costs over a period of time not to exceed 60 months.

If Chapter 13 is not a realistic option at this time, or you would like to avoid a bankruptcy filing, Billbusters, Ledford, Wu & Borges, LLC. offers a variety of mortgage assistance and foreclosure defense options that can restructure your mortgage and delay the foreclosure process.

If you can no longer afford your house, Chapter 7 bankruptcy can also stop the foreclosure sale and give you more time to live in your home. Chapter 7 bankruptcy can eliminate any mortgage deficiency on the loan (which can occur when the house is sold at less than the outstanding mortgage balance). This is a huge benefit, given that the majority of houses these days are worth a lot less than what is owed on them. We can also assist you with a short sale, deed in lieu of foreclosure or consent foreclosure, depending on your situation and what process makes the most sense for you.

Call Billbusters, Ledford, Wu & Borges, LLC Today To Schedule A Free Consultation

Just because you've been served with a foreclosure summons doesn't mean all is lost. We will help you to navigate the home foreclosure process as smoothly as possible. For a free consultation today, contact us online or call 312-574-3327.

We are a debt relief agency. We help people file for bankruptcy relief under the Bankruptcy Code.