Chicago Foreclosure Laws and Lawyers

According to the Chicago Sun-Times, by the end of March of 2009, Chicago foreclosures were up 71 percent from the end of the first quarter of 2008.  The rise in Chicago foreclosures is shocking, as one in every 275 homes has begun the foreclosure process.  This statistic totals 14,000 homes in Chicago alone and a statewide foreclosure total of over 15,000, making it the 5th highest foreclosure rate in the nation.

Chicago Foreclosure Laws

Chicago foreclosure laws are similar to those throughout the state of Illinois.  Chicago foreclosures go through the judicial process only, with the mortgage document being the primary security deed for property.  Below is a summary of Chicago foreclosure laws and timelines:

Chicago Judicial Foreclosure Process

In Chicago, the foreclosure process must go through the court system.  Once a borrower becomes default on a mortgage, the lender must file a Complaint for Foreclose Mortgage with the county court.  The complaint is then sent directly to the borrower who has 30 days to provide an answer to the court.  If the borrower does not respond in 30 days, the court issues an Order of Default.  If the borrower does answer with the timeframe, the defendant and lender may enter into litigation or go to trial to settle the foreclosure.

After an Order of Default is filed and the court issues a judgment in favor of the lender, the borrower has 90 days in which to redeem the property before it can go to auction.  Within that 90-day period, the borrower must make up any and all back payments as well as fees and costs to stop foreclosure. 

After the 90 day period ends, the lender must publish a Notice of Sale for three consecutive weeks before the auction takes place.  Once the secured property has been auctioned at the foreclosure sale, the borrower has no right of redemption. 

If the lender agrees, the borrower may give the deed in lieu of foreclosure to the lender.  This stops the Chicago foreclosure and allows the borrower to walk away from the loan owing nothing to the lender.

Finding Foreclosure Help in Chicago

Chicago homeowners face a harrowing foreclosure statistic.  With regional moratoriums on foreclosures now expired after 2008, the Chicago foreclosure rate is expected to continue to rise before the numbers fall. 

Fortunately, there is help available to help homeowners throughout the foreclosure process, but it is up to the seeker to sort through the large pool of scammers and illegitimate foreclosure “specialists” in the area.  The best professional help a homeowner can receive is from a qualified and certified foreclosure lawyer who specializes in real estate and foreclosure laws.  Usually a free consultation will be provided to go over the specifics of the foreclosure and determine if the process can be avoided or stopped.

• If you may be facing foreclosure or already in the process, Consult Your Case for Free with a local certified
  
  Foreclosure Attorney in Chicago to see your best options you have available to avoid Foreclosure.