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Illinois Foreclosure Process Explained | Mortgage Foreclosure Timeline

Updated on
November 1, 2019
Article written by
Attorney Kevin O'Flaherty

If the bank holding your mortgage has filed a foreclosure action against you and received a judgment of foreclosure from the Court, you will still have a significant amount of time in your home before you are required to vacate the premises.

The borrower has 90 days after the date of judgment to redeem the property.  In order to redeem, you must pay all amounts due and owing to the bank.  A sale on the property cannot take place until after the redemption period.  After the redemption period has expired and proper notice has been given by the bank, the property can be sold.  This is usually done by the Sheriff.

Following the sale, the Sheriff or selling officer must make a Report of Sale within 10 days.  After the Sheriff confirms the sale, the bank will be required to file a motion to confirm the sale with the court.  The motion cannot be heard less than 5 business days after the Report of Sale, but is usually heard 21 to 30 days after the sale.   If the court confirms the sale, you will then have 30 days to vacate the property.  If you do not do so at that time the bank can ask the sheriff to have you removed.For your reference, the statute governing the post-judgment foreclosure process is 735 ILCS 5/12-1508.

Illinois Foreclosure Process Explained | Mortgage Foreclosure Timeline
Author

Attorney Kevin O'Flaherty

Kevin O’Flaherty is a graduate of the University of Iowa and Chicago-Kent College of Law. He has experience in litigation, estate planning, bankruptcy, real estate, and comprehensive business representation.

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