Foreclosure Defense

Foreclosure defense begins with a free consultation with our clients to ascertain their goals and then depending upon the goal, we implement a court strategy to try to achieve the selected outcome. Below are some issues in which we implement a foreclosure defense strategy.

1. The seller was denied a loan modification and needs help saving their home. Being that time is of the essence and the foreclosure clock is consistently ticking, here we move for court ordered mediation. Contact us for more information.
2. The seller needs more time to stay in the property and save money to move.
3. The seller merely wants to stay in the property as long as possible.
4. The seller needs more time to short sell the property.

The longest we held off on a foreclosure was five years.  Afterward, we successfully short sold the property for our client without the client being liable for the deficiency of two mortgages.
Tenant’s rights: We aggressively defend tenants who are subjected to being evicted due to a foreclosure.

*It must be disclosed this time frame is atypical.

Illinois Foreclosure Act: http://www.ilga.gov/legislation/ilcs/ilcs4.asp?ActID=2017&ChapterID=56&SeqStart=104300000&SeqEnd=111300000

General guideline to the Illinois foreclosure process:

Foreclosure typical process:

1. Default
2. Filing of Foreclosure
3. Personal service of summons
4. Foreclosure Judgment and Order of Sale
5. Reinstatement Period Expires (90 days after personal service)
6. Redemption Period Expires (Seven months after personal service or three months after judgment, whichever is later)
7. Foreclosure sale
8. Foreclosure sale confirmed
9. Right to possession expires
10. Eviction by Sheriff of Named Parties
11. Recording of Foreclosure Deed