In Illinois, the foreclosure process follows these basic steps::
- You miss three mortgage payments
- You get served with “foreclosure” papers
- The bank refuses to take any more payments
- You must appear in court in 30 days
- The judge issues a default on the loan (usually)
- You have six months to redeem the foreclosure (pay everything back)
- If you do not redeem the forclosure, the Sheriff's Sale is scheduled
- The home is sold by auction at the Sheriff's Sale
- You are forcibly removed from your home 2-3 weeks after the sale
We will stop the foreclosure and save the home. The equity from the home is then used to make monthly mortgage payments. The homeowner can then use regular income to pay down their debt and restore their credit. At the end of the program, the homeowner refinances the property.
We work with a law firm that has a proven track record of removing some of the bad tradelines from your credit report and increase your credit score.
We also negotiate with your creditors to lower any collections or outstanding debt. These will be marked as paid, saving you money and increasing your credit score.
