Illinois foreclosure process

In Illinois, the foreclosure proceedings are conducted only via court proceedings. It takes about a year for a foreclosure proceeding to get completed in the State of Illinois.

Period of Pre-foreclosure

The foreclosure proceedings begin in the State of Illinois when the lender decides to take action against the borrower in order to get the default amount. The borrower and any other affected party are given a notice of the court in person or by publication as necessary. Every party has a time period of up to 30 days to reply to the notice of the court. If the parties fail to respond with the stipulated time, then the lender can go ahead and pursue the request for court intervention by asking the court to pass a ruling on this matter. If the court ruling goes in the favor of the lender, then he/she is allowed to schedule a sale of the property in public so that he/she can recover the default amount as well as the applicable costs.

However, if the borrower pays the default loan amount as well as the fees and expenses incurred by the lender to initiate the process, within 3 months of having received the notice of the court, then the proceeding can be stopped. The borrower can also redeem the foreclosed property for no less than 7 months or longer after receiving notification from the court by making full payment.

Auction Notice

The sale notice has to be sent to every party involved and it must include default details such as the address for the property and it’s legal description, the time of inspection of the property prior to sale, the terms of the sale, the title of the case, number and the name of the court dealing with the lawsuit, name and information of the contact person, the time, day, date, and location of the sale. The sale notice will also be published under the real estate and legal notices column of any local paper, for at least 3 consecutive weeks, once each week. The first publication will be sent within 45 days from the date of the sale, while the last publication will be published no less than 7 days prior to the date of the sale. In case the sale is postponed for over 60 days from the original date of sale, then a new notice will be published.

The public auction in Illinois is conducted by the sheriff. Any person can bid, even the lender can bid, and the property is sold to the winner of the bid. Upon payment of the total bid price, the winning bidder receives the certificate of sale from the sheriff or the person who conducts the sale. However, the sale has to be confirmed by the court.

The winner of the bid gets the property’s ownership when the court confirms the sale. He/She is entitled to take complete possession of the foreclosed property except for when an eviction is needed. If there are occupants on the property, then the winning bidder will get possession no later than 30 days.

Illinois Foreclosures for you

Illinois foreclosure homes have opened the market for investors and first time homebuyers. So if you are looking to buy a home in a state with stable economy, strong infrastructure and great employment opportunities then welcome to Illinois! Today there are more than 5,000 home foreclosures in Illinois being made available to investors and homebuyers through public auction. You can also be a part of the auction once you have found the right Illinois bank foreclosures for sale. The question is where do you find it and how can you go about the entire process? This is where we come in. At ForecloureConnections.com, we guarantee that you will find some of the best homes according to your requirements in our Illinois foreclosure listings. What more, you can find these homes in any of the top 10 counties of Illinois, which are Chicago, Rockford, Springfield, Aurora, Harvey, East Saint Louis, Peoria, Chicago Heights, Belleville, and Granite City.

How You benefit

We offer an exclusive 7-day trial membership just for you so that you can look through the 5,000+ Illinois foreclosure homes mentioned in our directory. Our database of Illinois bank foreclosures are updated on a regular basis and includes detailed information like price of the home, total area, the distance from the airport or city center, maps, type of property, seller etc. Our database will help you to find the perfect home for your family out of the hundreds and thousands of Illinois foreclosure homes. At the end of the day there is nothing like your own home and every homeowner carries that pride. Subscribe to our 7-day trial membership and get the opportunity to browse through a comprehensive list of Illinois foreclosed homes for sale.

Chicago Foreclosures hit a high

In 2006, the number of Chicago foreclosures increased considerably, and at one point it was twice that of the national foreclosure rate. Around September of 2007, there were almost 6,177 foreclosures in Chicago, which was a 5% increase from August and this was a major contribution to increasing the total number of foreclosures in the state of Illinois. The foreclosure rate in Chicago was one in 471 homes and this led to the increase in the number of Chicago foreclosure homes. If you are a first time homebuyer looking for a nice and cozy home in the heart of Chicago then your best bet is Chicago foreclosure homes. The 3rd largest city in the US, Chicago is situated between the Mississippi River watershed and the Great Lakes. One of the reason for people to relocate to Chicago is it’s GDP, which is the third highest in the country. Its balanced economy is supported by a distinctive level of diversification and as a result is one of the favorite real estate investment markets.

Chicago Foreclosure listings

Whether you are searching for a home in the downtown area along the Division Street and Roosevelt road or the densely populated north side, you will find that Chicago foreclosures offers you a home to suit your taste. The question is how you can find such a home. The answer is simple. Just take up our 7-day trial membership at ForeclosureConnections.com and search through a compilation of some of the top Chicago foreclosure listings. You will find some of the most modern homes as well as architecturally stimulating Chicago bank foreclosures for sale in our lists. Each of the Chicago bank foreclosures listed in our database offers a preview into the homes by including important details that will help you to make a good investment decision.

Illinois Bank Foreclosures for sale

Illinois is the geographic center of America and offers some really nice and stylish homes. Illinois bank foreclosed homes are among the best in the country.

Illinois is also a transportation hub that connects one part of the country to the other. Illinois offers a vast range of homes in big cities as well as the small towns. Illinois has a diverse collection of communities that house close to 12.5 million people. With a strong economy backing the state, job opportunities are overwhelming and there is always scope for both professional as well as personal growth. It is presents a mine of opportunities in terms of real estate and for a first time homebuyer there is nothing better than Illinois bank foreclosures. These homes are like any standard home with the exception that they are up for auction as the previous homeowner was unable to pay his loan.

Illinois foreclosed homes are best buy because they are cheap and are located in a state that has efficient transportation, recreation activities, parks, and educational institutions. Illinois has a robust housing market, which further adds to the economic stability of the state. There is always a steady demand for fixer-upper, single-family and multi-family homes, condominiums and even townhouses and villas. Some of the foreclosure homes in Illinois have the Victorian-era look and style, while others look more urban. So as a homebuyer, you can get the best of both the worlds.

Illinois foreclosure homes can be situated in the busy suburbs or near quaint farming towns and offers the best of American life. All you have to do is choose the lifestyle that suits you. If you are looking for a post retirement home then a quaint town with a Victorian style villa can be enchanting. It is almost like a dream come true.

Bank foreclosure homes in Illinois are available with ease, thanks to the foreclosure filings in 2006, which skyrocketed to 55% outpacing the 42% increase nationally. These homes are available at a bargain price and you can find them in Illinois foreclosure listings. These are special list and are generally available with lenders, financial institutions or banks. The list is normally comprehensive and provides information regarding the total space, number of rooms, kitchen, locality etc of various Illinois bank foreclosures.

According to sources, the statewide median home price is around $199,900. You will find a contrast between the lifestyle and cost of living between Southern Illinois and Northern Illinois. The overall cost of living in Illinois is almost the same as the national average. If you are planning to move to Chicago, then the cost of living will be 12% above the national average. Alternatively, if you move a little south towards the Greater St. Louis region, then the cost of living is lower as compared to Chicago. The home price average here is around $130,000 as compared to Chicago where the average is $223,700. So if you buy Illinois home foreclosures in Southern Illinois then they will be much cheaper than their metropolitan cousins.

Check out Schaumburg foreclosures for sale and find homes for every lifestyle

A Home for Every Lifestyle

The residents and leaders of Schaumburg, IL take great pride in saying that a home for any type of lifestyle can be found in their city. One way to ensure this is to look at the Schaumburg foreclosure listings for the area. Schaumburg also has a number of HUD home listings that offer an even greater variety to potential home buyers because government repossessions sell for less all the time. Take the time to get a feel for the strong sense of community that is prevalent in Schaumburg and all that this community has to offer.

Time on Our Site Is Time Well Spent

You will rapidly notice that the time you spend on our site is time well spent. Our site offers easy to search options, and you can look for Schaumburg bank foreclosures and other types of distressed homes that are on the market and selling for less than comparable homes. While bank houses do not always sell as low priced as other foreclosure homes, they still offer a bargain to the discriminating consumer. The best advantage of our site is the ability it gives you to make smart financial choices.

Federal Homes and Fixer Uppers

HUD and VA homes are a good suggestion as housing possibilities. In some cases, they are considered to be handyman specials or simply need a bit of fixing up. This represents a hidden bargain, because the repairs are usually more cosmetic than structural and just about anyone can either do the repairs on their own or they know someone who can give them a hand.

Illinois Foreclosures Show No Signs Of Going Down

Illinois is once again in the limelight along with all other states which have been showing an upward rising trend in the number of properties listed for foreclosures. Illinois, which had somehow managed to reduce the number of foreclosure filings last year, has now gained the 12th rank on the list of states with the maximum number of foreclosures in 2008.

The majority of homes that are being foreclosed belong to people who cannot pay their mortgages. These are people who should not have been given a home loan in the first place because of their low incomes and poor credit history. While the foreclosure spree is definitely unfortunate for the people involved in the whole deal, it is an extremely good opportunity for all those who want to buy homes in Illinois.

The increasing number of Illinois foreclosures offers an opportunity to both home buyers and investors in the form of property discounts to the tune of twenty to forty per cent. An extremely high number of foreclosures across the state of Illinois, ranging from Kane County to Cook County has created a market where sellers are ready to negotiate not only in terms of price, but payment and repair options as well. Even the metropolis of Chicago has not been spared and with a one in every 466 homes being put under foreclosure, it has gained the dubious distinction of being a city with one of the highest foreclosure rates in the United States.

What this means for buyers is that if you are planning to buy a property or a house in Illinois, then this is the right time to do so, provided you can afford it. Home foreclosures in Illinois are a great investment opportunity too, because Illinois is a state where most people would like to settle down, what with the wide variety of entertainment, recreation, job and educational opportunities present in the state. A property in the city of Chicago is bound to appreciate in value sooner or later and by buying a foreclosed property at a discount; you can easily earn a very high percentage of profit just a couple of years down the line.