Illinois - Foreclosure Help
Court Date: Default Judgement rendered.

Within 30 days of the Judgement: Notice of Default decision is entered in the title records of the property.  
You will know this has happened because Investors, Atty's., Realtor's, Financing people will begin a mailing
campaign to you.

Approx. 7 Months Later: Approximately 330 days in -Trustee schedules a Trustee's Sale (auction).

Minimum of 21 days later: On the date of sale, trustee sells the property to the highest bidder. This sale
is usually held at the trustee's office, or at the County Courthouse (call trustee for updates on time, date,
place, payoff amounts).

The property goes into limbo until a judge makes a final disposition on the properties new ownership.

Lenders may give more time before the file is given to the Attorney's to process if you keep in contact but
the Atty's. only have so much leeway and with the amount of foreclosures it's very hard to allow an
exception.  Legal involvement may stretch the time line; however, expect to pay for the "convenience".

If you can't help that you weren't able to make the mortgage payment.  

What Can You do to stop this from damaging your credit power in the future???

1.  Assess the damage.  What if things are better now and maybe you would be able to
pay your old mortgage payments again?

2.  If the Lender required you to put down a Good Faith Contribution of 20%-30% of  what
is currently owed could you do it?

3.  If you can't be comfortable doing that -make sure by contacting a
Loss Mitigator-  It's
free to consult!

4.  Assess if you owe more than the home is worth.
You
Always
Have
Options!

Cash for Keys!
(In as little as 4 DAYS)

Seller's & Buyer's

Find Out More Here!

Professional Investment Partners, llc.
Illinois is a Judicial State - This means a mortgage lender has to go to court and they have to be allowed by a
court decision to begin a foreclosure proceeding against a Borrower's Collateral- which is the titled property a
Borrower offers to help the lender make the decision to lend money to a  Borrower.

Total turn time From the day a Borrower stops making the payment till the day the Sale is confirmed is about
13
months
however it can be as little as 210 days.

Liz Pendens- Lenders wait for the 91st day late to occur to begin foreclosure processing with the attorneys notifying
the Borrower of a Court proceeding and noting the property title that legal action regarding the property is about to
take place.  The defaulting property owner has had 3 calendar months to cure (payback the default amount), either
by paying off the lien, or by negotiating a payment plan with the pre-foreclosure department of their lender
5.  Do you have the time to allow a Realtor to sell the property?  Even with the power of the Multiple
Listing Service E-blasting your home to thousands of potential buyers-they've still got to see the home, come up
with a purchase offer, get financing, and close it!  5 months ahead only gives 2-3 months to find a buyer at the
highest market price & with Lender assistance to agree to sell for less than you owe-you'll need and extra 45-60
days in most cases!  While they can stop the sale for a decent offer-they don't have to!

6. You have other options but these are the best options for most Borrowers.  

Note:  
Quit Claim transactions are very easy to get stung with- make sure an atty. or an outside professional
understands what is being done and how, so you don't make the situation worse!

What if you don't give authorization to sell early in the process?  

The lender loses an average of $40,000 per processed foreclosure.  This figure represents the cost to carry your
property until it can legally be sold by them to settle your debt.  When this happens, because the Borrower refused
to help early on in the process- the property goes to auction.  The credit report of the Borrower goes from a
possible "paid as agreed, settled for less than amount" (which is actually a responsible comment) to something
along the lines of "we had to spend 5 more months waiting for our money.  In the meantime the house was un-cared
for and is now damaged from weather or vandalism.  So we got even less for our original investment."  - This along
with a possible Deficiency Judgement (where you pay the difference between what they finally settled for and the
total amount of fees to foreclose on top of the original payoff amount should prompt you to seek professional
advice -from a professional unbiased Loss Mitigator!!!

You don't have to be a rocket scientist to realize this comment good or bad or worse is going to be on
your records for 12-14 years.  That's a long time to have to explain to a cell phone dealer or the gas
card people why you walked away from your residence when the going got tough.  
At Best, 2 yrs. with
proof of recovery (24 months of on time pymts), you could get a mortgage again-but this means doing a short sale.

Loss Mitigation is a very new opportunity for Lender's and Borrower's.  Only introduced as a viable option
to stem rising foreclosures within the last 5 years.  It's gaining popularity!  Everybody gets a potential win-win
situation if dealt with early on from the Borrower thru the Lender to the Stockholder's.  It's also of great importance
that the property not sit vacant as an eyesore in the neighborhood bringing vandals & depressing nearby home
values.

So do us Loss Mitigators' a favor, if you find yourself or a friend being contacted by a loss mitigator- talk to
them
-they want to help you make a very hard decision before someone else makes it for you.







Professional Realty Partners, Inc. in an effort to help it's community, professionally assists many Top Lender's &
Mortgage Servicer's to get back in contact and negotiate with their Borrower's to offer solutions.  Our services are
paid for by the Lender/Servicer.  Homeowners in these types of situations can also request this service directly at
no charge.  If you are going thru this or about to,  we have staff that can help you to help yourself and in cases
where making regular payments are not possible, we can do assisted short sale negotiation with your lender if
necessary, to sell your property, find a new rental and ultimately find a less costly alternative home in the future.  
Yes, properly handled you can own another home-within a year's recovery time

Note:  If you are denied for a modification of your payment agreement, we are trained to work with your lender to
handle the listing.  Selling gives no guarantee that it will sell before the Sheriff's sale date-lender's routinely give
more time if there's effort shown on the part of the Borrower to correct the situation early on.   If your loan is more
than the current value of the property -it is still in your best interest to list the property until something changes and
you can take the property off the market or we can assist with a lender assisted short sale negotiation, necessary to
get your credit situation back on track quickly and affordably.


The information above was gathered from sources deemed reliable and is intended for informational purposes only. Please consult official assessment
records. State and county terms and policies may vary so consult your local bylaws as to the actual dates of Sale and information regarding foreclosure
proceedings.



We have  Short Sale Specialists- on Staff!

Buyer or Seller side representation

If you have...

  •    A property that just won't sell for the full price
    necessary to cover the costs to sell, you can still
    get the deal done ...

  •    A Pre-Foreclosure property...    

  •    Especially, a Property that has a
Sheriff's Sale Date set!
(We need you to call ASAP)

Tell Us About It!  We can Help!

We'll help you deal with
the Seller's & Buyer's, the Lender(s) & the Atty's.,

We'll charge the Lender for helping you!

It doesn't get any better than that!

Servicing the Chicagoland, North and
Northwest Suburban areas

* * *



Tips for taking action
"before" you miss a payment:

1.  Keep your change date (the first time your
payments are set to adjust) in mind...  Get in
touch with an FHA approved lending professional
that does FHA financing.  Ask what the new
payments are likely to be based on current
market conditions.  Keep this in mind and within
90 days of this date be prepared to refinance
into mortgages that are available to you for this
reason!

2.  For the 6 months prior to a refinance... make
sure all your other payments are on time as well.

3. Take into consideration what a smaller home
could do to help you get your budget back in line.

4.  Your lender will probably want to see you in
default or in eminent danger of defaulting before
they will help you with a loan modification,
However, if you are in default-it would pay to
reconnect with your lender and see what they
can do for you first!

Call for a
Loss Mitigation Consultation with a
Professional Realty Partners, Inc.-
Loss Mitigation Field Representative
What are your neighbors homes selling for?
Find Out here!
FREE MARKET SNAPSHOT
From the CEO's Desk-

Our goal as a company is to suggest ways to minimize the damages caused by
foreclosure proceedings.  The various steps are outlined below and since getting
information can sometimes be hard to gather...consider this a freebie-  just
remember where you got the information!

Referrals help our bottom line costs remain low and our ability to furnish
consulting at no cost to foreclosure borrowers remain available.  
If you have exhausted all other possibilities,
then you sell!   It's the quickest way to
get back on track and into a home in the future sooner!  Sheriff's Sales hang on
your credit longer and a longer recovery isn't worth the short amount of time you
get by waiting until the last minute!  If you have this decision to make then decide
now to help your future self.

Life throws us many curve balls.  Foreclosure is a temporary situation.   Moving
and starting in a more affordable housing choice is proactive and assures you'll
be that much wiser about your next home purchase.  Even medical problems; for
instance, would be considered more of a life crisis- but they can be managed
and/or over come by focusing on what you "can do now" rather than waiting for a
change you have to control over.  

I sincerely wish you much success in coming to terms with the situation for the
best possible outcome.  
Lisa Compean-
Managing Broker, Professional Realty Partners, inc.
Is your Mortgage with a lender that
recently went Bankrupt?  Call to get
help with their bankruptcy proceedings.
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Illinois: The state’s Attorney General has filed a lawsuits against twenty-two companies who allegedly
collected upfront fees in exchange for providing counseling services
. In Illinois, it is illegal to receive
an upfront fee
; rather, a company can only collect payment for the mortgage counseling services it has
provided to consumers after the fact.The Illinois Attorney General's office can help mediate mortgage
cases with banks. They have a Homeowners Help Line which you can reach at 1-866-544-7157.
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