Facing foreclosure in Chicago? There's still time.
Illinois foreclosures go through court and take months, which gives you time to act. We buy houses in foreclosure across Cook County and pay off the mortgage from the sale at closing.
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No obligation. We never sell your info. Prefer to talk? Call or text (773) 825-9855.
How foreclosure works in Illinois
Illinois foreclosures are judicial. The lender has to file a lawsuit, and a judge has to sign off on each major step, so nothing happens overnight. In Cook County, these cases are heard in the Mortgage Foreclosure Section of the Chancery Division at the Daley Center. Only a judge can order you out of your home.
Knowing your dates is how you keep your options open. Here is the usual path.
- Missed payments
Federal mortgage servicing rules generally don’t let a servicer make the first foreclosure filing until the loan is more than 120 days delinquent. Use that time to call your servicer and ask about loss mitigation.
- Summons and complaint
Once you’re served, you have 30 days to file an Appearance and Answer. If you don’t respond, the lender can ask for a default judgment.
- Reinstatement
Illinois law lets you reinstate the loan by paying the past-due amount plus allowed fees and costs within 90 days of service. The case is then dismissed. If a court finds you already reinstated once, you can’t do it again on the same mortgage for five years.
- Redemption
For most homes, you can pay the full judgment amount and keep the house until the later of 7 months from service or 3 months from the judgment. The court can shorten this, for example to 30 days after judgment if it finds the home abandoned.
- Judicial sale and confirmation
After redemption ends, the house is sold at a public auction. A judge then holds a hearing to confirm the sale. The buyer is generally entitled to possession 30 days after the order confirming it.
- Surplus
If the sale brings in more than the debt and costs, the extra is held until a court orders who receives it. Ask the lender’s attorney if there’s a surplus, and don’t pay anyone to claim it for you.
You still own the house until the sale is confirmed. For most of the case, that means you can still sell it, refinance or work out a deal with your lender.
In DuPage, Will, Kane, Lake and McHenry counties, the same state law applies, but each county’s circuit court runs its own foreclosure calendar and any mediation program. Your summons tells you where your case is.
Ways out, compared
If you can raise the past-due amount, reinstating within 90 days of service ends the case. Your servicer may also offer a repayment plan or forbearance.
A HUD-approved housing counselor or the Cook County mediation program can help you ask the lender to change the loan so the payment fits. These services are free, and anyone charging upfront fees for this is a red flag.
If you owe more than the house is worth, the lender may accept a sale for less than the balance or take the deed back. Get any waiver of the remaining balance in writing, and ask a tax pro about forgiven debt.
If you have equity, selling before the judicial sale pays off the loan at closing and you keep what’s left, instead of risking it at auction. We pay normal closing costs and all transfer taxes.
Selling your house before the foreclosure sale
A house sold at auction often brings less than one sold on the open market, and the costs of the case keep adding to what you owe. Selling first lets you control the price and the date.
- Get a payoff letter. Your servicer or its attorney gives a payoff figure good through a set date, covering missed payments, interest, fees and the costs of the case.
- Compare it to the price. If the sale price covers the payoff and other liens, it’s a normal sale. If it doesn’t, the lender has to approve a short sale.
- Tell the lender’s attorney. A signed contract doesn’t pause the case on its own. Let the attorney know you have a buyer and a closing date, especially if a sale date is near.
- Close at a title company. The title company pays the lender from the sale and gets the loan released, and the foreclosure case is then dismissed.
- Keep the rest. What’s left after the payoff, other liens and taxes is yours.
When you sell to us, we pay normal closing costs and all transfer taxes, including the state, county and City of Chicago taxes. You get a written breakdown of the price, each payoff and your net before you sign.
Mediation, counseling and avoiding scams
Cook County’s Mortgage Foreclosure Mediation Program is for homeowners who have been served. You call the helpline to set up a meeting with a housing counselor at no charge, which is the first step toward mediation with your lender. Free legal help is available through the program too.
HUD-approved housing counseling agencies give free or low-cost advice on modifications, budgets and foreclosure options. You can search for one near you on the Consumer Financial Protection Bureau’s website.
- No upfront fees. The Attorney General warns that anyone who asks for payment to help you submit a mortgage assistance application is not legitimate.
- Be careful with your deed. Don’t sign over title to someone who promises you can stay and buy it back later. Have a lawyer read anything that transfers ownership.
- Keep your court dates. Counseling and mediation don’t replace your deadline to file an Appearance and Answer.
We’re a buyer, not a counselor. If keeping the house is realistic, those free resources are the right first call.
“I lost my job and got behind on my mortgage. I thought it was too late and that the bank was going to take my house. These guys made me a cash offer, worked with the lender, and we closed in 9 days. I avoided foreclosure and saved my credit.”
Three steps. You pick the closing date.
- Tell us about the house
Fill out the form or call (773) 825-9855. A few quick questions, no pressure.
- Get a fair cash offer in 24 hours
We look at the house with you and show you how we got the number. No obligation.
- Close on your date
As soon as 2–3 weeks, or take more time. We close at a local title company and pay your closing costs.
Questions sellers ask
How long does foreclosure take in Cook County?
There’s no set length. Every major step needs a court order, and for most homes redemption alone runs at least 7 months from service. You can check upcoming dates by case number on the Clerk of the Circuit Court’s website.
Can I sell my house in foreclosure in Chicago?
Yes. You still own the house until the sale is confirmed, so you can sell it. The lender is paid from the sale at closing and the case is dismissed.
What does redemption mean in an Illinois foreclosure?
It’s your right to pay the full judgment amount and keep the house. For most homes it lasts until the later of 7 months after service or 3 months after the judgment.
What if I owe more than the house is worth?
Then a normal sale won’t cover the loan, and the lender would have to approve a short sale or a deed in lieu. A HUD-approved counselor can help you ask, and you should get any waiver of the remaining balance in writing.
Does the Cook County mediation program cost anything?
No. Homeowners who have been served get housing counseling and legal help at no charge. Call (855) 452-2637 to start.
Do I have to move out right after the auction?
No. A judge has to confirm the sale first, and the buyer is generally entitled to possession 30 days after the order confirming it.
What happens if the auction brings more than I owe?
The surplus is held, and a court order decides who receives it. Ask the plaintiff’s attorney and the court before paying anyone to claim it for you.
Should I list with an agent instead?
If you have time before the sale date and the house shows well, listing may bring a higher price. A cash sale fits better when the date is close, the house needs work or you need a firm closing date.