Sell a house in foreclosure in Illinois.

Illinois doesn't allow a lender to sell a house under a power of sale in the mortgage. A mortgage can be foreclosed only under the Illinois Mortgage Foreclosure Law, which means a court case, and in a judicial foreclosure the owner's interest is terminated by a judicial sale once the court confirms it.

The summons in a residential foreclosure has to come with a Homeowner Notice, and the legislature wrote its words. Two lines matter here: "You continue to own your home until the court rules otherwise," and "As the homeowner you have the right to sell your home, refinance, or pay off the loan during the redemption period."

So the question isn't whether you can sell. It's whether a sale can pay what's owed and close before your rights in the case run out. That depends on your dates, the payoff, and the title, and your lawyer and a title company are the ones who can read those for you.

The same Homeowner Notice ends with a warning: "You may be contacted by people offering to help you avoid foreclosure. Before entering into any transaction with persons offering to help you, please contact a lawyer, government official, or housing counselor for advice." We're one of the people that warning is about, and it's good advice.

The notice also says where to go. Get advice "from a lawyer or certified housing counselor about your rights and options," and if you don't have a lawyer, the Illinois State Bar Association or a legal aid organization may be able to help. HUD-approved housing counseling agencies are listed in the Consumer Financial Protection Bureau's counselor search, and that help is often little or no cost.

We don't negotiate with your lender, file anything in your case, or act on your behalf. If selling turns out to be the right move for you, we're one buyer you can ask. That's all.

Reinstatement. You can reinstate the mortgage by curing the defaults and paying the costs the mortgage requires, without paying the accelerated balance, if you do it within 90 days of the date you, and every other borrower on the loan, were served with the summons or by publication. When a mortgage is reinstated, the foreclosure is dismissed and the mortgage continues as if there had been no default. If a court has made a written finding that you used this right, it isn't available again on the same mortgage for five years.

Redemption. For a house that was residential when the case began, the redemption period ends on the later of 7 months from the date all the borrowers were served, or 3 months from the date the judgment of foreclosure is entered. The court can shorten it, for example when it finds the property abandoned. The amount to redeem is the judgment amount plus the costs the statute lists, and you have to give the lender's attorney written notice at least 15 days, not counting weekends and court holidays, before the date you choose. Once the redemption period expires, the statute says it can't be revived.

The sale. The house is sold at a judicial sale after the reinstatement and redemption periods expire. The notice of sale has to be published once a week for at least three consecutive weeks, the first no more than 45 days before the sale and the last no less than 7 days before it. After the sale, the court holds a hearing and confirms it unless notice wasn't given, the terms were unconscionable, the sale was fraudulent, or justice otherwise wasn't done.

Those are the statute's periods, not your dates. Your service date, judgment date, and sale date are in your court file. Have your lawyer or a housing counselor read them with you before you decide anything.

The payoff. The Homeowner Notice says you have the right to a written statement of the amount needed to pay off your loan, that the mortgage company must provide it within 10 business days of a written request that includes your name, the property address, and the loan number, and that your first payoff statement is free. Ask for it early. The number changes daily.

The title. A notice of foreclosure recorded in the county puts everyone on notice of the case, so a title company will see it, along with any second mortgage, association balance, tax, or judgment lien. Each one has to be paid or released at closing.

The signatures and the calendar. Everyone on title signs, and the closing has to happen while you still have the right to sell. We'll tell you what we can pay after one walk-through. Whether that covers the payoff, and whether there's time, are questions the title company and your lawyer answer, and we won't guess at them.

A sale for less than the mortgage balance is a short sale, and it needs the lender's agreement. In a residential foreclosure, the statute says that if you give the lender a bona fide written offer from a buyer and a written request to approve it, the lender must respond within 90 days. The decision is the lender's. A refusal doesn't change the lender's rights, and the 90 days doesn't pause the case.

A deed in lieu of foreclosure is another agreement between you and the lender: the lender accepts the deed instead of finishing the case. The statute says acceptance relieves the people who owe the debt from personal liability, unless they agree otherwise in writing at the same time. Ask your lawyer whether either route fits your loan.

Surplus. Sale proceeds go to the expenses of sale, then the costs the statute lists, then the claims in the order the court set. Anything left is a surplus, held by the person who ran the sale until a party gets a court order for it. The statute requires written notice of the surplus to the parties, and says an unclaimed surplus is eventually forfeited to the State. The Homeowner Notice puts it this way: you have the right to petition the court for any excess money from the sale.

Deficiency. If the sale brings less than what's owed, the order confirming the sale can include a personal judgment for the difference, when the complaint asked for one and the person liable was personally served or appeared in the case.

Possession. The Homeowner Notice says the lawful occupants have the right to live in the home until a judge enters an eviction order, and the notice of the confirmation hearing must tell a homeowner that they have the right to remain in possession for 30 days after an order of possession is entered.

It starts with the address, your court dates, and what you know about the house. We walk through once. You don't repair, clean, or empty anything. If we can make an offer, it's in writing: our name, the price, what stays, who pays which closing costs, and the closing date.

You take it to your lawyer. A title company orders the payoff, searches the title, and tells everyone whether the numbers and the dates work. If they do, the lender and any other liens are paid at closing from the price, and what's left is yours. If they don't, we'll say so.

The honest trade-off: a cash offer is usually lower than what a repaired, listed house would bring. If you have equity and enough time left in your case to list the house, a listing may put more money in your pocket. Ask your lawyer and a counselor which fits before you choose us.