Realty Services

Foreclosure Services

The current state of the economy began when lenders and other financial institutions began approving loans for borrowers who could only afford the initial payments. Once the payments adjusted based on the terms, the homeowners could no longer afford the payments and they began to default on the loans. Now, the foreclosure rate is at an all time high. Major corporations are feeling the impact of this mortgage crisis and have begun to cut thousands of jobs or close their business completely.

Foreclosures are affecting average hardworking citizens who realized an American dream in owning a home or investment property. Chances are foreclosure has impacted you or someone you know due to the loss of income, a rise in the interest rate, or the inability to refinance or sale because values have dropped. The good news is there is a solution! Since 1996, KCI Companies have worked with people, just like you, who were faced with losing their home to foreclosure.

Counseling

As our client, we provide counseling to educate you on every aspect of foreclosure and help you to understand the various options available as you save your property from foreclosure. We will also devise a plan and develop the right strategy tailored to work especially for your situation because each homeowner’s circumstance is different and there is not one basic solution that will work for everyone. We will help or provide our resources to stop your foreclosure and give you a peace of mind.

Why KCI Companies?

KCI has the knowledge and expertise required to save your home from foreclosure. For over 15 years, homeowners have trusted the KCI Companies to advise them honestly and accurately when they were behind on their mortgage payments and faced with losing their homes. With something as important as your home, you want to know that you have someone who is honest, straightforward, and does not have a hidden agenda in your corner.

At KCI Companies, our ultimate goal is to help the client without any strings attached. We do not seek to take advantage of our clients by profiting on their unfortunate circumstances so we can buy their property at an unfair discount. We will work with you to try to find ways for you to keep your home and help you find the best solution for you, not us.

Illinois Foreclosure Law

Even if you are faced with foreclosure, every homeowner has rights within the legal system. You should familiarize yourself with the laws and use them to your advantage when you are trying to save your home.

What is foreclosure and how does it works?

Foreclosure is when a lender, bank, or another financial institution begins legal proceedings to regain possession of a property so they can sell it to pay off the balance because the person listed in the mortgage agreement as the borrower has defaulted on the monthly payments. The Illinois Foreclosure Law states that foreclosures must be administered through the court system and the lender is permitted to file a lawsuit in order to begin the judicial foreclosure proceedings.

There are several different methods of foreclosure under Illinois Foreclosure Law that may be used by the lender to regain ownership of the property. The lender can choose to initiate a traditional foreclosure, a strict foreclosure, or a consent foreclosure. A traditional foreclosure is the most common foreclosure method used in Illinois, as it tends to be less complicated.

Foreclosure proceedings begin when the lender files a complaint with the courts of the county where the property is located. In the complaint the bank is listed as the plaintiff and the borrower is listed as the defendant. The plaintiff’s complaint outlines the reasons that the lender is seeking to reclaim the property along with detailed information about the property and mortgage agreement. The complaint also lists the names of the owner and any other individual that may have rights to the property. The Illinois Foreclosure Law states that everyone identified in the affidavit must be given a written notice of the foreclosure at least 30 days prior to the entry of a judgment of foreclosure.

The defendant has 30 days to respond to the complaint by filing an Answer with the court. If the homeowner, borrower, and any or other lien holder file an Answer contesting the foreclosure, the parties can litigate the matter and possibly go to trial. If the defendants listed in the complaint fail to file an Answer, the court will enter an order of default. Once judgment is entered in favor of the lender, the borrower has a statutory 90-day redemption period before a sale can take place. During the redemption period, the homeowner can save their property by catching up on the payments and fees. The court has the authority to adjust the redemption period depending on the circumstances. For example, if the property is abandoned, the redemption period is usually 30-days.

Once the redemption period has expired the financial institution legally owns the property and can proceed with finding another buyer. The banks usually sell the property at a Sherriff’s Sale and a Notice of the Sheriff’s Sale is published in a local newspaper in the county where the property is located once a week for three weeks. The Sheriff’s Sale is held seven days after the final notice of the sale is published.

Illinois does not have a post-foreclosure sale statutory right of redemption, which would allow the homeowner to reclaim the property by making full payments in the sum of the unpaid loan plus court costs.

Summary:

  • Default
  • Filing of Foreclosure
  • Personal Service of Summons
  • Foreclosure Judgment and Order of Sale
  • Reinstatement Period Expires (90 days after personal service)
  • Redemption Period Expires (7 months or 3 months after judgment, whichever is later)
  • Foreclosure Sale
  • Foreclosure Sale Confirmed
  • Right to Possession Expires (30 days after foreclosure sale confirmed)
  • Eviction by Sheriff of Named Parties
  • Recording of Foreclosure Deed