Foreclosure in 60056>Question Details

chbea1998, Home Buyer in Mount Prospect, IL

I found the REO that I am very interested in. My real estate agent said that the property won't come on the market for at least 6 months.

Asked by chbea1998, Mount Prospect, IL Fri Sep 21, 2012

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Your agent might be right! There is a statutory redemption period that occurs after a foreclosure. It is highly unlikely that the person who owned the house can pay all the attorney, interest, late fees and mortgage off, however our state laws allow a period of time for the person to reclaim their house. You could call your real estate attorney to track when the proceeding were held and let you know when the foreclosure will be "saleable" again. I am not an attorney but I have read recently that the Illinois State laws on foreclosure are being re-examined by many because the laws are not very clear. I do recall that there are different timelines for residential primary residences and non-residences. If the subject property is the Borrower's primary residence, the Borrower may Redeem the subject property within Seven (7) Months from the date the Borrower was served with summons or by publication or no later than Three (3) Months after the Judgment of Foreclosure is entered, whichever is later.
If the subject property is not the Borrower's primary residence the Borrower may Redeem the subject property within Six (6) Months from the date Borrower was served with summons or by publication or no later than Three (3) Months after the Judgment of Foreclosure is entered, whichever is later. I do think that everyone wants the laws to be fair and more clear than what they are presently.
0 votes Thank Flag Link Fri Sep 21, 2012
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