Illinois Foreclosures and Foreclosed Homes for Sale

Once a borrower is in default of a loan, the lender has the right to file a lawsuit to begin the Illinois foreclosure process, as Illinois only recognizes judicial foreclosures. The borrower will be served with the necessary papers, to which they have 30 days to respond. If no response is given, the foreclosure process will continue. The court will be asked to make a decision as to whether the borrower is in default. If they agree, the public auction may be scheduled.

A good place to begin a search for foreclosures in Illinois is your local newspaper. In particular, check both the legal notice and real estate sections. By law, notices of sale must be published in these two sections at least once a week for a period of three weeks. These notices provide a wealth of important information, including the time, date and place of the auction, as well as a description of the property and times when it can be inspected.

Bids on foreclosed properties are open to the general public, which means anyone, including the lender, is free to make an offer. The highest bidder is declared the winner of the auction and must pay the full bid price immediately, after which, they will be given a certificate of sale. This certificate is subject to confirmation by the court, however, which may take a couple of weeks.

After the court has confirmed the sale, ownership of the property is transferred to the winning bidder. Generally, the previous owners do not have the right to redemption at this point, as they have around seven months prior to the sale of the home to pay off the balance in full and stop the foreclosure. Once the home is sold and confirmed, however, the right to redemption ends.

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