Guide me.... NJ Dave??? - Posted by Laure

Posted by Tim Jensen on May 28, 2000 at 19:52:11:

Roy,

Let me get a little more in depth on the right of redemption for foreclosures in Illinois.

In IL, once they file a lawsuit the first court date is usually 4-6 weeks after the case is filed. Then if the defendant does no show up the Bank gets a default judgement. Then from the date of the judgement the owner has a six month right of redemption, unless the bank asks for a shorter redemption period. That is rarly asked for. then after the redemption period, the bank has a sale about 4-8 weeks after the redemption period expires. These are not exact time frames because some banks go through the foreclosure process quicker than others.

As for Tax Liens. The right of redemption for the owner is 2.5 years in Illinois. All in all it can take a Tax lien buyer about 3 years to get a deed.

Hope this helps,

Tim

Guide me… NJ Dave??? - Posted by Laure

Posted by Laure on May 27, 2000 at 23:59:52:

I ran an ad “Executive seeking 4 br home…” It is actually for a Corporate guy relocating here from the UK. His company is willing to pay 2k per month rent for 3 years. So I got all excited and ran an ad.

I get a call today from a couple in foreclosure. 40 and 41 years old. I am familiar with the area. She said appraised a year ago at 140. Mtg balance is around 107, and she is 7 payments behind. She also said she had “been to court once”. Where does this put her in the foreclosure process?? State of Illinois. Is it possible that she doesn’t even have the right to redeem it anymore?

I don’t know the first thing about how to handle this one.
My first inclination is to get a short sale. Is this the time to do that?

Laure :slight_smile:

Re: Guide me… NJ Dave??? - Posted by Tim Jensen

Posted by Tim Jensen on May 28, 2000 at 10:24:38:

Laura,

I would like to answer your question of where this puts them in the foreclosure process. Something tells me that they are in the middle of their rights of redemption. The quickest way to determine that is to find out when the foreclosure was filed. Usually, they lose their redemption rights about 8 months after the filing date. THIS IS NOT AN EXACT ANSWER!! It just gives you a ballpark, there are too many variables to give an exact answer here.

Good Luck,

Tim(IL)

E-mail me if you want additional help.

Re: Doubtful lender would consider short sale. Too much equity - Posted by NJDave

Posted by NJDave on May 28, 2000 at 07:17:38:

There appears to be sufficient equity such that the lender would be made whole if the foreclosure were to result in the lenders taking back the premises as an REO. For a short sale to be warranted, the foreclosing lienholder must THINK that it would suffer financial losses by completing the foreclosure.

If the property were to be closer in value to the anticipated payoff, then a case for a short sale could be made.

Heaviest discounts result from lender’s decision to avoid another REO.

Here’s your answer - Posted by Paul Swiontek

Posted by Paul Swiontek on May 28, 2000 at 24:30:31:

Yes

Tim, educate me here… - Posted by soapymac

Posted by soapymac on May 28, 2000 at 18:04:06:

is the right of redemption time frame that you mention the same redemption time frame that is used on tax leins?

Or is it the same expression covered by different law?

Roy MacLean
"soapymac"