SvetLana Cole - Full Time Licensed broker with "Charles Rutenberg Realty"
3135 Book Rd, Naperville, IL 60564
“Equal Housing Opportunity”
This page of my website devoted to Foreclosure Process.
It is primarily for people who are in foreclosure , or who are behind in their payments, and will likely go into foreclosure.
For people who are looking for foreclosure properties to purchase, please see page Tips on Buying Foreclosure Property
Foreclosure is a lawsuit in which the mortgage bank has the house sold in order to get money to pay back what the homeowner borrowed.
Here is a more official and legal definition of foreclosure:
Foreclosure is the legal and professional proceeding in which a mortgagee or other lien holder, usually a lender, obtains a court ordered termination of a mortgagor's equitable right of redemption. Usually a lender obtains a security interest from a borrower who mortgages or pledges an asset like a house to secure the loan. [Source: www.wikipedia.org/]
As soon as you stop paying your monthly mortgage payment, the foreclosure "time-line" begins to run.
Click here to see Steps of Foreclosure
Foreclosure is a lawsuit, with lawyers, judges, and courtrooms. Therefore, things that apply to normal lawsuits also apply to foreclosures.
There is a Complaint filed, which starts the case. There is a Summons issued, which gets delivered to you by a sheriff deputy or a private investigator.
There are court fees to pay if you want to be involved in the case.
Some people think if they do not answer their door or phone, and make themselves "hard to find," the foreclosure process will not start.
They are wrong!!!
They will be served anyway by Publication, and they will lose their house without knowing any details about it, except when the sheriff comes to evict them.
Being served by publication means that the lender/Bank will post notice in local newspaper with your name and address, so you and everyone else will know that you are in foreclosure.