Legal Question in Real Estate Law in Illinois

Re: forclosure and sherrifs sale

A sheriff's sale is a sale of your property by the authorities usually due to non-payment of a mortgage. It means that there is an auction for your property approved by a Court. Usually, the bank buys the property back. If there is a profit that exceeds what they are owed, you will receive the difference. Jurisdictions may vary on the time you have to move out. I would suggest you find alternative accommodation as soon as possible. None of this happens without warning. Usually you are given a significant amount of time to pay the debt, secure alternative accommodation, etc. So, at this stage, a court won't entertain your staying much longer.