Illinois homeowners who are facing the foreclosure process have up to 494 days to stay in their homes before eviction. The time between filing and eviction has increased since the first quarter of 2007. At that time, the average foreclosure lasted all of 243 days and the housing crisis had only just begun.
Individuals trying to keep their house benefit from the lag time, as well as those who do not want to keep the property. Those wanting to keep the property can utilize the time to attempt a refinance of their mortgage, and those who do not want the house can live rent-free while saving their money. Homeowners can also use the time to attempt a short sale .
The large volume of foreclosure cases entered into the courts play a large role in slowing down the process. Courts are having a hard time keeping up with the amount of new cases filed on a daily basis. The “robosigning” controversy has added to the slowdown as lenders and loan servicers re-examine their documentation of bad loans.
Illinois laws also add to the problem, as it requires lenders to work through the courts to foreclose on properties. One such time consuming requirement is a sheriff’s sale that requires setting an actual date with the county sheriff’s office.
No end to the foreclosure issue is in sight, and the potential of “strategic defaults” by underwater homeowners is on the horizon, adding to the already overloaded court system.
If you are looking for foreclosure help, contact a Chicago foreclosure attorney. He can review your situation and suggest a course of action.