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Foreclosure in 60586 : Real Estate Advice

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  • Local Info4
  • Home Buying12
  • Home Selling3
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Activity 6
Michael Sims, Real Estate Pro in Joliet, IL
Mon Mar 25, 2013
Michael Sims answered:
Your best bet is to engage a foreclosure defense attorney. I recommend Steven Saporta at 815-741-9400. He is one of the most aggressive litigators I have encountered in 35 years. Once you engage him, he may be able to delay the foreclosure proceedings and keep you in the house for awhile. ... more
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Michael Sims, Real Estate Pro in Joliet, IL
Mon Mar 25, 2013
Michael Sims answered:
Your best bet is to engage a foreclosure defense attorney. I recommend Steven Saporta at 815-741-9400. He is one of the most aggressive litigators I have encountered in 35 years. Once you engage him, he may be able to delay the foreclosure proceedings and keep you in the house for awhile. Also key is the ability to negotiate a relocation fee. Meanwhile, you may be able to conduct a short sale and come out of this not so bad. I would be glad to sit down with you and discuss your options. If done properly the impact is much less on your financial profile than if you just let it go to foreclosure. Michael Sims 815-791-7467 ... more
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Michael Sims, Real Estate Pro in Joliet, IL
Mon Mar 25, 2013
Michael Sims answered:
Valerie, If you are not eligible for a HAMP modification then you are probably eligible for a short sale program. You would have to apply for the program and submit paperwork As long as you are working with the mortgage company and trying to sell the home, the foreclosure proceedings MAY be delayed. Many real estate agents claim to be "Short Sale" or "Foreclosure" experts, but only a few of us really have success in getting the deal done. Financially you are much better going through the short sale than allowing a foreclosure or deed in lieu. A short sale has much less impact on your credit score and will give you better chance in the future of getting another home loan. A foreclosure or deed-in-lieu will stay on your credit report for 7 years and you will always have to disclose that you were foreclosed on when you apply for a new mortgage. I would be glad to discuss the 10 different options you have when facing foreclosure with you face to face. I am local in the Plainfield area and can meet with you at your convenience. I can be reached at 815-791-7467 ... more
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Michael Sims, Real Estate Pro in Joliet, IL
Mon Mar 25, 2013
Michael Sims answered:
In Illinois you have 30 days from the date of the Sheriff Sale to redeem your mortgage in full. So if you have the cash to pay it off go ahead and do so. Sounds simple enough right? Since most people do not have the cash to do so, you can do one of two things. 1) Move and not worry about the home any longer, or 2) remain in the home until you get an eviction notice. Many of the lenders are working with the former homeowners and allowing rent-back programs and also Cash-For-Keys which is a relocation program. That is to say that some of them will provide moving assistance for you. That can go a long way with a security deposit and actual moving expenses. The best thing is to talk to your mortgage company, the probably have a toll-free number too! ... more
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mjschulm, Other/Just Looking in Plainfield, IL
Sun Nov 11, 2012
mjschulm answered:
Valerie,

Deallen's explanation is only partially correct. It all depends on the county, but once a house has been sold at auction whether to 3rd party or back to the bank, the prior owner has absolutely no rights to the property.

However, all the winning bidder has is a certificate of sale and an "equitable interest" in the property. Once its bought, court usually takes 90 days to approve the sale, at which the sheriff will force eviction with the prior owner WITHIN 30 DAYS OF THAT APPROVAL. That is where Deallen is incorrect, their is NO eviction process at that point. The "cash for key's" concept is really to give the owner money not to trash the home and assist in their moving out.
... more
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Sanja Stinson, Real Estate Pro in IL,
Thu Sep 22, 2011
Sanja Stinson answered:
Research you request property and it looks as it the Hazelwood address has not completed the full foreclosure process and is currently not listed. Often time it could be in the redemption period may be 2 months or more depending on where this property is in the process. Thanks you ... more
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