How Long Do Foreclosures Take In Illinois?

How Long Do Foreclosures Take In Illinois?

If you do a Google search for Illinois foreclosure timelines you will see that most legal experts seem to think it should take about 210 - 270 days. However, that's in theory and the reality is far different. We all know of lots of anecdotes of people being able to live in their homes for free for a couple of years while the bank slowly gets around to dealing with them.

Well, those anecdotes might actually be pretty representative of the general reality according to data recently released by Moody's Investor Service. According to the report the average age of an in-process foreclosure in judicial foreclosure states, such as Illinois, is 654 days. That's a heck of an incentive to stop paying your mortgage. But it also means that if the banks ever get around to working through this pipeline (What is stopping them? I don't get it.) there will be a real flood of properties hitting the market.

Leave a comment

  • ChicagoNow is full of win

    Welcome to ChicagoNow.

    Meet our bloggers,
    post comments, or
    pitch your blog idea.

  • Advertisement:
  • Getting Real On Facebook

  • Subscribe To Getting Real

    Subscribe to RSS Feed RSS Feed

    Enter your email address:

    Delivered by FeedBurner

  • Meet The Blogger

    Gary Lucido

    After 20 years in the corporate world and running an Internet company, Gary started Lucid Realty with his partner, Sari. The company provides full service, while discounting commissions for sellers and giving buyers rebates.

  • Recent posts

  • Tags

  • Monthly Archives

  • Advertisement: