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The Foreclosure Process and Timeline in Illinois

Learn the truth about Cook County foreclosures

Most mortgage payments are due on the first of the month, but lenders normally allow a grace period of 10 to 15 days in which you can pay and still have the payment considered on time. Once you pass that 15-day deadline, however, the foreclosure process in Illinois kicks into gear. And before you know it, you could be facing the loss of your home.

So how long does foreclosure take?

Day 16: Payment is late

On the day following expiration of your grace period, your payment is late. Most lenders won't be concerned yet, because they're used to people going through minor shortfalls. At this point, they'll charge a late fee and send a reminder letter. They may begin phoning. A payment sent now, although late, is not a big deal and probably won't even show up on your credit report.

Day 31: Things get serious

Your mortgage is now in default. A second notice is sent and your credit rating is affected. Phone calls become more frequent and insistent.

Days 45–60: Turning up the heat

Your lender sends you a demand letter, pointing out the terms of your mortgage contract and that you are in violation of those terms. The lender makes it clear that foreclosure is in your future.

Days 61–90: Acceleration bad news coming faster

Your lender starts the acceleration process. They send you a letter informing you that they will foreclose on your property unless you pay your entire current and past-due balances, plus all penalties and late fees.

At this stage, your lender will probably refuse to accept partial payments and could even call the loan, demanding that you pay the entire balance.

Days 91–105: Calling in the lawyers

Your lender now refers your mortgage to its foreclosure department and begins legal proceedings. This process varies from state to state, but in all cases, the lender's legal fees now become a big part of the price you'll have to pay to get current with your mortgage.

Days 106–180: Your home is sold!

Your house is auctioned off at a foreclosure sale.

Don't wait until the last minute to save your home

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