Timeline of a foreclosure.

So many people have no idea what is happening in a foreclosure and when it happens, so I will try to break it down for you. In Illinois, which is a judicial state, it is a rather long process.
When you miss your first mortgage payment the bank starts to keep track. After you are 90 days behind they can legally start the process.

The first thing that they will do is file the lis pendis or legal notice. This is when the timeline officially begins. Once you are served the foreclosure petition you have 90 days to reinstate your loan by paying out all back payments, taxes, attorney fees, late charges, etc.

Keep in mind, many banks are being more lenient and will work with you to do a modification or something other than taking the home back from you in the foreclosure. Don’t be afraid to ask!
As a borrower in Illinois you have the right to redeem the property within 7 months from the date the lis pendis was filed, or 3 months after the date the judgment was entered by the court (that is the second court date).

After the redemption period ends the next court date (number 3) is when the lender’s attorney ask that a sale date be set. Once set, the lender has to publish the sale 45 days prior to the sale. Then one more time during each of the next 3 weeks (4 total).

After the sale is complete, there is a 10 day confirmation period where the court finalizes the sale. Thirty days after the sale date the buyer is able to take possession of the property.

Well, that about sums it up. There are a minimum of 7 months in the Illinois foreclosure process, and it could take longer depending on the bank.
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