Legal Question in Real Estate Law in Illinois

Re: foreclosures

It's seven months from the time 'you' are served with the Complaint in Foreclosure.

From what I hear from my clients, the Complaint is usually filed 30 days after the second payment is missed.

My estimate would be about 8 months from missed payment to sale. It takes a couple weeks for the sale to be confirmed, there is an automatic stay of the Order of Possession for thirty days, after which time the eviction notice is served. Unlike other kinds of evictions, there are thirty days between service and lock changing.

Be careful of that last - they don't always remove the contents before they change the locks.

If you abandon the house the Federal Income Tax consequences may be expensive. Remember, "I don't have it" is not an excuse with the IRS.

Re: foreclosures

You will receive a complaint by the bank seeking foreclosure. The bank then has to get a judgment against you and get it enforced. This can sometimes take as long as a year, but there is no set time period in which this takes place. If you file for bankruptcy, this will stop the foreclosure proceeding and in some cases help you keep your home. Please contact me for a free consultation if you would like to discuss your options.