Foreclosures is where a lender forces a sale of real property in order to pay off a delinquent loan. There are many time deadlines in these proceedings.
Under Illinois law the lender must serve notice to the owner and give the owner a statutory period of several months either to reinstate the loan–i.e. become current, or redeem the loan–i.e. pay it off.
If this is not done the lender will auction the property off at a foreclosure sale where third parties may bid and acquire the property. After the sale, the Lender must ask the court to confirm it. Then after confirmation, a deed will be issued giving title to property to the successful bidder.
I have represented all parities involved in foreclosures. I have filed Chapter 13 Bankruptcies to stop the sale and allow the homeowner time to repay the arrearages. I have represented third party bidders in this proceedings.