What Happens if My Home is Foreclosed Upon?

Life is unpredictable. Financial hardships happen, and suddenly you find yourself facing a foreclosure action. Do not panic; there are options and help out there for you. It is good to know the general timeline of a foreclosure action so that you know what to expect. Knowing the basics of the elements of foreclosure can be helpful if you find yourself in that situation.


After missing one payment, whatever mortgage lender financed your mortgage will probably send you notices of the missed payment. Most loan agreements include a clause called a “Notice of Acceleration.” Acceleration is a process that makes the entire value of the loan due at one, regardless of how many years of payments are left on it. Illinois law requires a 30-day notice to the homeowner if the mortgage lender is going to be taking this route. The mortgage lender must inform you that payments must be made current within 30 days and that there may be housing counseling available.

A Foreclosure Suit is Filed

After the 30-day notice period, the mortgage lender is likely to file a foreclosure suit. Everyone with an interest in the property including you, a spouse, condo or neighborhood associations, lien holders, will be notified. The lender finds all these people by running the title and reviewing it. In Illinois, the foreclosure complaint is filed, under guidance from Illinois statutes. You will then be served with the lawsuit and a court date is set. You must file an appearance and answer in the court within 30 days of the service. Failure to answer could result in a default judgment.

It is not difficult to prove that a judgment should be answered granting the foreclosure. The loan documents and payment history are evidence that the a foreclosure is proper. Sometimes, a mortgage lender does not file a foreclosure suit right away, but they will file a suit against you.

If a foreclosure judgment is granted, there is a redemption period available to you under Illinois law. This means that in the three months following the judgment, if you can pay off the loan in full, the foreclosure will be dismissed and you get to keep your home.

Sale of the Home

If you are unable to pay off the loan during the redemption period, the property will be auctioned. The mortgage lender must seek approval by the court and you have the opportunity to file a response. The court will give you 30-60 days to move out before the auction of the home commences.

Sometimes, the mortgage lender’s attorneys will file a separate motion to evict you from the property to ensure that you are out of the home for the sale. If you are evicted from the property, entering it will be considered trespassing.

If you are facing foreclosure, hiring an experienced attorney can help you immensely. The experienced attorneys at Hamilton & Antonsen, Ltd. combine years of experience and passion helping people to guide you through the foreclosure process. Having a home foreclosed upon is a difficult time, but let our Joliet foreclosure attorneys help get you through it. Contact us today.