redemption Tag

14 Sep What Happens To My Property After Foreclosure?

In Illinois, property is sold at foreclosure by one of several methods, by judicial sale in court, or by a court appointed receiver, trustee or sheriff, usually in the courthouse or by agreement of the parties. The borrower has 7 months after the lawsuit was filed or 3 months after a foreclosure judgment was entered by the court to redeem the property by paying a specified amount to the plaintiff/mortgage holder. If the property is not redeemed within the redemption period, the foreclosure sale transfers all interest in the property to the buyer. A story from California shows what can happen after a bank takes property.
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