In Illinois, you generally have a statutory right to redeem your property for 7 months after you are served with a summons and foreclosure suit. This sets the timeframe for the Sheriff's sale. Banks will also typically wait until you are 3 months behind before they will commence the foreclosure suit and serve you. There is another few weeks delay after the sheriff's sale before the sale is confirmed by the court.

Yes, you will likely be in the home past Feb 2010 if you do nothing... But as many others have advised you, you have many more favorable options. Feel free to contact me for a free no obligation consultation.

You should contact one of these three agents below out of the Re/Max of Naperville office to help you either adjust your mortgage, or see if you would qualify to do a Short Sale. A foreclosure stays with you forever, a Short Sale can be out of your way in two years. Also, with a Short Sale the deficiency of the loan after the sale can be negotiated as forgiven. If the home goes to foreclosure the bank will eventually come after you for the loss they incur.

These three folks are Certified Distressed Property Experts trained specifically for this circumstance:
John Brennan
Nicole D'ambrosio
Sandy Johnson

OFFICE #: 630.420.1220

Brick:

Look, maybe a short sale would help, certainly go see an attorney by all means, but take the time to learn about some things you can do to regain control over your financial future on your own first. Your student loan should be able to be put on hardship deferral. The best person to help you with your situation right now is YOU....but you need to take a step back, take a deep breath and realize that you CAN overcome this hurdle. Take my advice (advice that will cost you nothing) from below and you will realize that the situation is not so bad that you can't do something about it. I challenge you to take just 30 minutes and go to the Dave Ramsey website below....click on the "archives" tab and pick any date you want and just listen to 30 minutes of a previous radio program...if you don't like it, you have lost nothing because there is no cost, and I don't get anything from it other than knowing I'm helping someone in need.

Don't give up!!!

Brick2009,
As you can see from all of the responses we have to be careful as to the advice given. Real estate agents are not attorneys, the common thought here is to talk to an attorney, continue discussion with your lender we all do not want to see you lose your home. You mentioned the fact that you could not sell your home in this market, have you had a Realtor look at your home? Naperville is still a sought after community, I know that I have plenty of buyers looking to purchase there so dont give up hope.

Well...financials of my family changed..with me being unemployed and my wife employed..we canmake the payment with her salary..but then we will be left with just 400$ in savings..per month..

i am not sure how long i will be out of work..

I have contacted my bank..Citi..and its been 2 weeks and they haven't reverted back to me regarding my request for loan modification.

i am disappointed because the bank is un-responsive.. i have zero CC debt ..just abt 8k in student loan..and our scores are in the 780+ range... i dont care abt ethics or credit report..


The way the market is...if i keep making payments and only if the market in naperville..goes up by atleast 5% over the next 6+ years..can i expect some positive net equity..else..this home will be a black hole for my finances..

I have never missed a payment on the past 2.5 yrs..and would not have missed..had i not lost my job..but somehow...foreclosure makes a lot of financial sense...

i just want to know..
When will they put the notice outside our house? Will it be after the judicial decision or before that??
based on the time line and backlog os cases in Naperville... i think i can stay in my home for atleast 10 months..so atleast this way i will be able to recover some of my financial loss...

Why would you stop making payments just because you are upside down on the loan? Do you have to move for some reason? Are you saying you just can't sell because you are upside down?

If you are saying you can't afford to make payments any longer, or you don't think you can, I'd recommend you start getting FREE financial advice by finding a local radio station that carries the Dave Ramsey radio program or just go to his website at http://www.daveramsey.com and listen to the radio archives, read the forums or many other answers to common money questions and situations. Search out other information to LEARN about other options before you do anything like not paying your mortgage. Do not pay anyone anything if you don't have to and that includes having someone else manage your debt, or attorneys until you get some financial education about your situation. There are no quick ways to fix our debt problems, but it can be done.

If your budget is that tight you pay your necessities FIRST so you should not get behind on mortgage at all. Dave Ramsey calls that the four walls..then after those are covered you work on the rest. The four walls are house, food, gas, heat lights, transportation...and necessary insurances in place.

Then you prioritize after that. Creditors yelling (except the mortgage company) doe snot constitute a four walls necessity and one should not pay them in lieu of the necessities for the family.

Working a plan will get them paid eventually but not at the cost of your roof, your family welfare (food, medical, transport, etc)

Good Luck,

David Dratwa

The key to communicate your financial hardship situation with your lender and speak to an attorney who specializes in foreclosure prevetion strategies.

For sure talk to an attorney that specializes in short sales and foreclosures. There are other options for you if you're upside down. They are worth trying rather than just putting the keys in the mailbox. I know of a few so let me know if you'd like the attorneys information.

Brick 2009,
You can visit my website at http://www.shortsalesplainfield.com to see a typical foreclosure timeline. However, first and foremost you should contact an attorney to discuss the foreclosure process. There are some options that can be discussed with an attorney these are also outlined on the website.

Hi Brick. You really need to talk to a real estate atty to best answer that question. I can, however, offer you an educated opinion. If you stop making payments in May. I say about 4 months after your first late the sheriff will come and give you notice of the intent to foreclose. Then, you probably have 6-10 months after that. Again, I strongly suggest a real estate atty, however. Let me know if you need one. I can point you in the right direction.
http://www.seanccochran.com

Sean Cochran
Quality Mortgage Lending