In the month of November 2011, there were 77 new properties that began the foreclosure process in Plainfield, IL. In November 2010, there were 79 new properties that began the foreclosure process. Not really much of a change when comparing market snapshots for the same time year to year.
Illinois is a judicial state, meaning that the lender must take legal action against the homeowner in a court to regain ownership of the property. From the time the Lis Pendens is filed the owners have anywhere from 6 months upwards of nearly 2 years before the lender takes back the property. Some lenders work faster than others, while some lenders seem to almost passively pursue the ability to reclaim the property.
I have seen some lenders set auction dates as early as 8 months after the Lis Pendens have been filed, and I’ve also had clients miss payments for 2.5 years before the auction date was set.
If you’ve missed payments on your home in the last 2-3 months and don’t know what to expect, I can help. I have been helping homeowners all over Illinois sell their homes through short sale, and help them get back on track and into a rental property when the sale is complete. I have also recently started working with a true credit repair agency that can help you get control of your financial situation and rebuild your credit after missing payments affects your credit.
Call me at 630-673-6233 to discuss your options confidentially.
Julie Ferenzi | Realtor®
Plainfield IL Short Sale Specialist