Foreclosure in 60620>Question Details

Jay, Other/Just Looking in 60620

My home was suppose to be sold in a auction how much time do I have to move and can property be saved?

Asked by Jay, 60620 Thu Aug 26, 2010

I want to keep property...

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13
Jay

If your mortgage servicer (Bank) foreclosed on the house you are living in, a Realtor will knock on your door and offer you whats known as a "Cash for Keys" incentive. Which means they will offer you a certain amount (amount varies from bank to bank) of money and a time period for you to move. If you decide not to accept the cash for keys, the bank will begin the eviction process. How much time you have to move, trully depends on how much time the bank is willing to give you.

If the house has not been through the foreclosure process, contact your bank immediately (1-800 number should be on mortgage statement) and talk to them about possibly doing a loan modification or other options. They can also postpone the auction date. Dont be scared to call them!

Good luck

Indalecio "Andy" Del Real III
1 vote Thank Flag Link Thu Aug 26, 2010
I would like to add:

When you received your foreclosure notice it contains contact information for the bank's attorney. You can contact them directly to see if your home actually went to auction and when.

I hope this helps!
0 votes Thank Flag Link Mon Aug 30, 2010
If your home was sold at auction you'll have couple months of redemption time to buy it back from the bank before they can move forward with marketing it.

Keep in mind, you would need to pay off the full loan balance, back owed monies, penalties, legal fees, and anything else the bank is legally allowed to tack in.

After you add all those things up it's very likely you'd be paying the bank tens of thousands more than the place is worth.

As far as time the Sheriff in Cook County who does evictions is backed up 4 months from the day the bank gets an order of possession from a judge so you likely have at least that long from the day the auction went down.

If you'd like a complimentary evaluation of your situation from a true expert let me know- you have options!

Best,

Scott Newman
Newman Realty
0 votes Thank Flag Link Sun Aug 29, 2010
Depending on how much time you have left. Jay, you have got to move quick. Not sure if you can afford an attorney. If you can, get to one ASAP; like yesterday. Some attorneys are jokers and do not know what they are doing but they are your best bet in the short-term.
There is an informal rule-I call it the lawyer to lawyer coop agreement. A judge almost always allows one of his own; additional time to look over a case. Most times this would be 30 days. This will buy you time to make other decisions--but that is only if you have the money to employ a lawyer. If not, there are things you can do or people you can call to help. Just remember never ever pay anyone an upfront fee. Pay for only success--that is the law in this state. Again you maybe able to save that house--it will take time, effort and many times some money. But it can be done. Good luck. Drop me a line--so that I will know of your progress.
Sincerely,
Al
224-365-4201
addrealty@aol.com
0 votes Thank Flag Link Thu Aug 26, 2010
Hi Jay -

Assuming that your home was actually sold, here's the deal. Probably within 30 days a real estate agent will knock on your door or leave a note to let you know that you have a option to give them the keys to the property (which means that you have to move out) and receive cash as an incentive "cash for keys". You are given a couple weeks to make a decision. If you decide not to exercise that option, then the eviction process will begin. The courts are a little backlogged so it may take them a couple a few months to start the process. Once you've been served and given a court date, then at that point you may want to get an atty who can walk you through the process and delay the date of eviction (some attys are pretty savvy at doing this). You are going to have to pay the atty, but it may be worth it to you - if you need more time in the house. Call David Kelly @ 773.593.1143 and tell him Dona sent you!
0 votes Thank Flag Link Thu Aug 26, 2010
Illinois does not have a post-foreclosure sale statutory right of redemption, which would allow a party whose property has been foreclosed to reclaim that property by making payment in full of the sum of the unpaid loan plus costs. On residential properties, there is a seven (7) month right of redemption from either the time the foreclosure complaint is filed or three (3) months form the time a final judgment of foreclosure is entered. A foreclosure sale cannot occur until these time periods expire. Reinstatement and redemption rights can only be exercised once every five (5) years.

This is from Foreclosure.com

The spcific dates of your notices are court dates are vitally important. Consulting with an attorney is in your best interest.
0 votes Thank Flag Link Thu Aug 26, 2010
When is it going to sale? Email me there are several options you may have if the property has not went to sale but just has a sale date. Contact me asap and I can see what we can do. dwilliams@myilpf.com

Thanks,
Diana
0 votes Thank Flag Link Thu Aug 26, 2010
I agree with everyone below saying that you need to talk to an attorney. You still have a 30 day right of redemption per Illinois law after the sheriff's sale to redeem the property, but you'd need a lot of cash to do that. Would your lender want to work with you? Maybe, but if you've let it go this far without seeking out their help or assistance, it's likely too late. Call Rich Van den Bussche at 815-356-5531...he's a great attorney that assists a lot of people with foreclosure situations.
Web Reference: http://www.footeteam.com
0 votes Thank Flag Link Thu Aug 26, 2010
I second Jeffery's response; we can refer you to one if you don’t have one!
0 votes Thank Flag Link Thu Aug 26, 2010
Have your attorney look into where it is at in the process. Anything else is just speculation.
0 votes Thank Flag Link Thu Aug 26, 2010
I would say its already to late. You can try talking to your real estate attorney, but I am afraid to say its probably to late. I wish you the best.

Matt Laricy
Americorp Real Estate
Brokers Associate, e-PRO
mlaricy@americorpre.com
708-250-2696
0 votes Thank Flag Link Thu Aug 26, 2010
I think you are referring to the Judicial Sale or Sheriff’s auction. This is a necessary step for the ownership rights to be transferred to the lien holder (lender). Although it is unlikely, your lender may still be open for an alternative solution. Please contact them immediately. Just have something concrete to offer...
0 votes Thank Flag Link Thu Aug 26, 2010
That is no fun. You do need to get on this right away and find out. How do you know it is to be auctioned?
0 votes Thank Flag Link Thu Aug 26, 2010
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