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What is Foreclosure?

What is Foreclosure?
Foreclosure happens when a homeowner misses several mortgage payments, and the lender takes legal action to reclaim the property.
In Illinois, foreclosures are handled through the court system, which is called a judicial foreclosure process. This means the lender must file a lawsuit and go through the court before they can take your home.
Once the lender files a foreclosure complaint, you will have a redemption period—a brief time to catch up on your payments and stop the foreclosure. If you cannot pay, the lender can proceed with a foreclosure sale where your home is auctioned to the highest bidder.
The Foreclosure Timeline in Illinois
The foreclosure process in Illinois can take several months. Here’s a simple breakdown of the timeline from missed payments to eviction:
- Missed Mortgage Payment
Missing a mortgage payment doesn’t automatically mean foreclosure. Most mortgage companies offer a 10-15 day grace period. If you’re unable to pay, try contacting a HUD-approved housing counselor to explore options.

- Breach Letter
After missing a couple of payments, you will receive a breach letter. This letter informs you that you are in default and outlines how much you owe. You usually have about 30 days to resolve the issue before the lender takes legal action. - Foreclosure Complaint
If payments remain unpaid, the lender will file a foreclosure complaint in court. This starts the formal legal process. If you do not respond to the lawsuit, the court may issue a default judgment against you. - Redemption Period
In Illinois, homeowners have a 90-day redemption period after the court issues a foreclosure judgment. This gives you time to pay the full mortgage balance and stop the foreclosure. During this period, you might also explore options like loan modification. - Foreclosure Sale
If the foreclosure is not stopped, the property will be sold at auction to the highest bidder. This is known as a foreclosure sale. - Eviction
After the foreclosure sale, the new owner can begin the eviction process if you haven’t already moved out. This involves a formal eviction notice and court action.
Hear From Happy Customers
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Aurora, IL
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Key Steps in Foreclosure

Key Steps in Foreclosure
Default
Default happens when you miss several mortgage payments and can no longer keep up with your monthly payments. Typically, this happens after you haven’t paid for about 90 days.
Once you default, your lender (the bank or company you borrowed money from) may start legal action to try to take your house back.
It’s important to try to address this as soon as possible because once you’re in default, it starts the foreclosure process.
Redemption Period
This is a time when you can catch up on your mortgage payments and avoid losing your home. In Illinois, this period usually lasts for 90 days after the court has ruled on the foreclosure case.
You have 90 days to pay off the full amount you owe on your mortgage (including missed payments, fees, and interest) to stop the foreclosure and keep your home. It’s like a second chance to fix things before the property is sold.
If you can’t make the payments, the process moves forward, and your home might be sold at auction.
Foreclosure Sale
This is when your home is sold at a public auction. After the redemption period is over (and if you didn’t catch up on payments), the bank will sell your home to the highest bidder at a foreclosure sale.
The money from this sale goes to pay off the loan you owe. If the sale price is high enough, it might cover the whole loan. But if the sale price is too low, you may still owe the remaining balance.
Deficiency Judgment
Situations like these happen if your home sells for less money than what you still owe on the mortgage.
For example, if you owe $200,000 on your mortgage but your home sells for $150,000 at the foreclosure sale, the bank can ask the court for a deficiency judgment to make you pay the remaining $50,000.
This means you still owe the bank money even after losing your home. It’s important to understand this could happen, especially if your home sells for much less than its value at auction.
Homeowner Rights During Foreclosure
As a homeowner facing foreclosure, you have specific rights that can help you navigate the process more effectively. One of these rights is notification rights, which means you must receive a notice of default from your lender.
This notice will inform you of the amount you owe and give you at least 90 days to resolve the issue before a foreclosure lawsuit is filed. Additionally, Illinois offers mediation programs, where a neutral third party helps facilitate discussions between you and your lender.
Mediation can be a helpful way to avoid foreclosure or find a solution that works for both parties. Another important right you have is the right to redemption, which allows you to pay off your mortgage during the redemption period to keep your home.
Understanding these rights can provide you with valuable options to manage the situation and potentially prevent losing your home.
Why Selling to a Cash Buyer Might Be Your Best Option
The best way to prevent the financial and structural decline of a vacant property is to sell it as soon as possible. A fast cash sale offers homeowners an efficient solution, allowing them to avoid repairs, legal complications, and ongoing expenses. Cash buyers purchase properties as-is, providing a straightforward process that can close in as little as 7–14 days.
By acting quickly, you can protect your equity and eliminate the risks associated with a vacant home. See how our process works here to explore your options for a fast sale.
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Conclusion
Leaving your home vacant doesn’t just cost money—it increases risks and lowers the property’s value over time. Acting now can save you from mounting expenses, prevent criminal activity, and protect your neighborhood’s reputation. At Sell Today Homebuyers, we specialize in providing fast, reliable solutions for homeowners in Chicago, Illinois, looking to sell their vacant properties.

Whether it’s negotiating with your lender, selling your home to a cash home buyer, or seeking legal advice, you have the tools to navigate this challenging process.