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If you have recently lost your home to a foreclosure and the sale has already occurred, you might be able to reverse the sale or get the property back through the right of redemption.

In Illinois, it can take approximately 12-15 months for a foreclosure to be completed. Call your lender or a HUD-certified counseling agency as soon as you can.

A few potential ways to stop a foreclosure include reinstating the loan, redeeming the property before the sale (or for a short period after the sale, in some cases), or filing for bankruptcy. Of course, if you're able to work out a loss mitigation option, like a loan modification, that will also stop a foreclosure.

Subject to a few limited exceptions, you have 7 months from the date you are served to pay off your loan in full, either by refinancing the loan or by selling the house or by other means. This is called your right to redeem, and the 7-month period is called the redemption period.

If the court grants summary judgment in favor of the bank, typically after a hearing, the bank wins the case, and your home will be sold at a foreclosure sale.order the foreclosure sale, or. dismiss the case, usually without prejudice. (Without prejudice means the bank can refile the foreclosure.)

The process, known as "statutory redemption," allows mortgagors (homeowners) a limited amount of time, often one year, to reclaim (or redeem) the property if they are able to pay what the property sold for at the foreclosure sale.

Gather your loan documents and set up a case file. Learn about your legal rights. Organize your financial information. Review your budget. Know your options. Call your servicer. Contact a HUD-approved housing counselor.

You can stop the foreclosure process by informing your lender that you will pay off the default amount and extra fees. Your lender would prefer to have the money much more than they would have your home, so unless there are extenuating circumstances, this should work.

Foreclosure proceedings begin with a complaint filed by the lender. The borrower is served a copy of the complaint and a summons, along with a notice of his or her rights during foreclosure. In most cases, the borrower has 30 days to file a response. Failure to respond will result in a default judgment for the lender.

Motion To Dismiss Foreclosure

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How to fill out Illinois Motion To Dismiss Its Mortgage Foreclosure Action?

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FAQ

Can a foreclosure be reversed?

How long does it take to foreclose on a house in Illinois?

How can I stop foreclosure in Illinois?

What is the redemption period in Illinois?

What happens after Judgement of foreclosure?

What is the statutory period of redemption?

How can a foreclosure be stopped or prevented?

Can you stop foreclosure once it starts?

What is the foreclosure process in Illinois?

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