IllinoisForeclosures

Illinois Foreclosures for Sale

Chicago has recorded a steep drop in housing prices, with the median listing price sitting at just under $230,000. In the state's capital city, Springfield, median listing prices are currently at $99,000. These statistics show strength in the market, making the purchase of Illinois foreclosures a worthwhile investment.

Illinois is situated in America's Midwest region, which touches borders with other states including Indiana, Iowa, Kentucky, Missouri and Wisconsin. The area is largely dominated by the Central Plains, which accounts for nearly 90% of the region in Illinois. It is a large scope of land that stretches across much of the state, featuring a combination of low altitude flatlands, hills and wide-ranging valleys. Perhaps the most important sector of this region is the Till Plains, which is noteworthy due to its huge contribution to Illinois' agricultural industry. The soil perfectly accommodates the production of corn, making the state a highly regarded contributor to the export of corn around the US. Besides the Central Plains, other smaller regions can be found in the state as well, including the Shawnee Hills (just south of the Central Plains) and the Gulf Coastal (located at the southern edge of the state).

Along with the state's strong agriculture industry, other avenues of revenue include manufacturing. The construction of various types of machinery develop a wealth of economic power to the state; manufacturing tools and equipment which are relative to a number of different industries, such as farming tools and equipment used for the building and construction industry. Services including law firms, hotels, accounting agencies, advertisement branches and private health care institutes also contribute greatly to Illinois' burgeoning economy. The mining industry garners most of its profits from coal, gravel, petroleum and crushed stone, along with other products such as clay and Tripoli.

Springfield's demographic displays an average age of about 36, with the general median household income coming in at about $49,251. Households with children account for nearly a quarter of all homes in Springfield; the rate of married couples in households also comes to nearly half as well. The number of houses being sold per month has experienced an increase in sales also, making now the perfect time to invest in Illinois home foreclosures.

Illinois foreclosure laws

The state of Illinois calls for all foreclosures to be carried out through judicial proceedings. These proceedings usually take about one year to complete.

The process of foreclosure in Illinois begins when a lender files a complaint in court (known as a Lis Pendens) against a borrower (homeowner) found to be in default. If the homeowner does not respond within 30 days, the lender can ask the court to rule the homeowner legally in default. The lender can then arrange for a public sale of the property no less than three months after the court has issued its ruling. The homeowner has those three months in which to pay off the default amount in order to halt the foreclosure proceedings and maintain ownership of their property. In addition, the homeowner has up to seven months (sometimes longer) after the court ruling to redeem full ownership of the property by paying off the entire loan balance, as well as any additional costs accrued. If neither of these things occur, the sale proceeds according to schedule.

In order to inform the public of the foreclosure, a Notice of Sale must be published weekly in a local newspaper. The first notice must appear no more than 45 days before the sale, and the final notice no less than seven days before the sale. The Notice must contain the date, location and terms of the sale; the Lis Pendens information; the name and address of the court handling the lawsuit; and the name and phone number of a contact person associated with the sale.

The foreclosure sale is typically held by the county Sheriff and run in the style of a public auction. The property is awarded to the highest bidder. Once the winning bidder provides full payment of their bid, the Sheriff presents them with a Certificate of Sale, which is subject to confirmation by the court. Once the court has confirmed the sale, ownership of the property is transferred to the winning bidder, who is entitled to full possession immediately. If the property is still occupied by the original homeowner at this time, he or she is given 30 days in which to vacate the property, after which point they may be forced to do so.

Illinois Foreclosure Process Flow Chart