Foreclosures Help Information

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Foreclosure Law In Illinois

Question: illinois foreclosure question bk7?

my moms landlord filed for BK7 (sept 1). i always pay 3 months advance, i do not want my mom to get dupe as she lives on ss and my brother and i splits the rent. the landlord said the house will not be foreclosed for another 7 months. he also added that this is the minimum amount of time provided for him according to illinois law. how true is this?

P.S. yes, i am already looking for a new place for my mom. i just want to know if my mom really has seven months.

Thanks in advance

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Answer: Illinois is a judicial foreclosure state. The foreclosure procedure in Illinois normally take approximately 7 months as indicated by the landlord or some where around 120 days.

If the landlord file for bankruptcy chapter 7 or 11 this procedure could be drawn out for a longer period of time.

I hope this has been of some benefit to you,good luck.

"FIGHT ON"

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Foreclosure Law Missouri

Question: Anyone know the foreclosure laws/eviction laws in state of MISSOURI?? Please only SERIOUS answers!!?

I've been foreclosed on my mortgage, and the house will sell on the courthouse steps on the 24th of August and I cannot find anyone who can tell me when I have to move out after the foreclosure sale.
I've contacted my bank, the attorney representing the bank, the courthouse, sheriff's department, my attorney, and looked on the net. NO ONE can give me a straight answer.

I am hoping we have at least 30 days to move, but don't want to be shocked if someone shows up at my door next Thursday and forces us out of the house.
We missed 4 pmts on a mortgage that we've had for 14 years, and the bank foreclosed on us....

Please only people who really know what they're talking about respond. I need accurate answers please!
Thanks!

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Answer: I honestly don't know the Missouri laws, but I know in Pennsylvania where we live it depends on who buys the property. Basically, once they buy it at auction it's theirs and they could call the sheriff and have you removed immediately. The sheriff sale will occur, and then the auctioneer or his staff will actually give them the keys and all the paperwork to the property at the sale... the buyer has to come with a certified check for at least 10%, and paperwork indicating that they either have the remaining amount in cash or as a guarenteed loan (like a mortgage), and then they hand them the keys.

At that point, you are basically trespassing. Some people are nice, and some aren't-- so they may even go as far as physically removing someone from the residence-- especially if they plan on coming in, cleaning up and renovating and then selling the property at a profit. Every day counts for them, so they really want the people out.

Facing the Mortgage Crisis | KETC | Foreclosure Process

Foreclosure Attorney Resume

Question: I'm in foreclosure with the Sheriff's sale on Jan 6th. What can I do to stall until I come up with the money?

I was in the mortgage industry for 25 years and like a lot of other people, I bought my home on an adjustable rate. My interest rate jumped 4% in the last 6 months and my payments increased $2000.00. I got laid off in January and have used all of my savings to keep the home while I find another job, but even though I put out over 100 resumes, no one wants to hire someone from the mortgage industry. I'm in foreclosure and on January 6th, my 5 yr old son and I will be on the street unless I find a job so maybe the mortgage company will work with me and let me pay the past due a little at a time. I'm running out of time so is there anyone who knows how I can stall for more time or knows an attorney that can tell me if it's legal to raise an interest rate 4% while rates have gone up less than 1%. I'm running out of time and I don't want to be homeless so any advice is appreciated.

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Answer: Well, I am not sure if you are interested in selling, but your only option at this point would be to contact a real estate agent and try to initiate what is called a "Short Sale." It is when the bank agrees to take less for the property than you agreed to pay for it with hopes of salvaging some of its money. You have to get the bank to agree to do it first. You need to get rid of it quickly, so you need to try to find an investment capitalist or venture, basically someone who looks for people in your situation, that are willing to buy it from you at a price "short" of the value. Once they agree to do that, the mortgage company should notify the sheriff's department and they will pull the house from market. Once the sale is complete, the debt is cleared, but of course your credit has already been damaged by the late payments, but it is much better than having a full-on foreclosure. This is one example that would do a short-sale: http://www.homevestors.com/ . I know that you do not want to hear this, but coming from someone who really knows, that is your best option at this point. As far as having a place to live, I would ask friends, relatives, church, public assistance, if you must. Do not be ashamed! You were a victim of predatory lending. I hope that I helped you, and good luck!