Timeline for Foreclosure in Illinois


Foreclosure pic
Image: illinoislegalaid.org

As a privately practicing attorney with offices in and around Hinsdale, IL, Cynthia Ann Miller represents clients in a wide variety of real estate matters. Cynthia Miller has overseen her firm in litigating a number of foreclosures in and around Hinsdale, IL.

For a lender in the state of Illinois to initiate foreclosure, a borrower must be 120 or more days delinquent on his or her account. Most contracts include a clause that requires the lender to send a breach letter, also known as a demand letter, to inform the borrower of the loan’s default status. The letter must specify the nature of the default, what the borrower must do to remedy the default, and the date by which he or she must do so.

The letter must also remind the borrower that failure to take the required action will lead to acceleration of the debt, which means that the debtor must pay the entire balance or the property will be sold. If the borrower does not remedy the debt, the lender must then file a lawsuit to begin the foreclosure process. The lender files a complaint, which the court then serves to the borrower, alongside a summons that gives the borrower 30 days to respond.

Failure to respond results in an automatic judgment on behalf of the lender. If the borrower does file, the lender may file for summary judgment in his or her favor, or agree to have the case go to trial. In either case, if the court rules in favor of the lender, the court will issue a foreclosure judgment and the property will go to sale.