Eviction is a scary word, which is why sometimes a little information goes a long way. To help you feel more empowered during the foreclosure eviction process, we want to review the steps in the foreclosure process.

4 Steps to Foreclosure Eviction Process

A foreclosure eviction occurs when a homeowner cannot pay their monthly mortgage payments, and the lender initiates foreclosure proceedings to take possession of the property. The process varies by state and jurisdiction, but generally, it involves the following steps:

  1. Notice of default: The lender will issue a notice of default to the homeowner, which specifies the amount owed and the deadline to cure the default.
  2. Notice of sale: If the homeowner fails to cure the default, the lender then issues a notice of sale, which schedules a date and time to sell the property at a public auction.
  3. Foreclosure sale: A foreclosure sale is an auction where your property is sold to the highest bidder, who becomes the new owner. The lender may take possession of the property if there are no bidders. The state of Illinois gives homeowners 30 days before the bank or new owner can start possessing the property.  
  4. Eviction: Once the property is sold, the new owner may initiate eviction proceedings to remove the former homeowner and any other occupants from the property.

During the eviction process, the former homeowner and occupants will be notified of the eviction and a date to vacate the property. If they do not leave voluntarily, the new owner can obtain a court order for eviction and may seek the assistance of law enforcement to remove them from the property physically.

Final Thoughts

It’s important to note that foreclosure evictions can be emotionally and financially challenging for the former homeowner and occupants. If you are facing foreclosure, it’s advisable to seek legal and financial advice to understand your options and potential consequences.

For those who want to sell their property before the foreclosure eviction process completes, we can help. Creative Smart Investments purchases foreclosed homes for cash in as-is condition. Schedule a free consultation call with our team today at 312-379-9625.