Call Now: 224-302-4000

Our Blog

The Three Phases of a Foreclosure Process


The foreclosure process is a long one which means that there is a lot of time to stop it. Wherever you are in the process, there are options.



In a typical scenario, the homeowner falls behind on their payments for 3-4 months and the plaintiff (the mortgage company) sues the defendant (the mortgagee). Legal Notice is given – this is called Lis Pendens – and this is usually done through the mortgage company’s attorney. The “Lis Pendens” is then recorded at the relevant county’s Recorder of Deeds. The Lis Pendens is then listed against the title to the property.


The next phase of the foreclosure process can take many months. Typically at least 3-6 months (or longer) after the initial Lis Pendens. The mortgage company’s attorney will go back to court to get a judgement of the amount due and the notice of sale. The homeowner has many options available to them after the Lis Pendens in order to attempt to “stall the process”. These include selling the property, negotiating with the bank or going into a refinance.


This phase is the auction of the property. At this stage, the homeowner no longer has the right of redemption as it has expired. This usually takes around 7 months after the initial notice of foreclosure or around 3 months after the judgment – whichever comes later.) After the judgment and notice of sale, an auction is scheduled and a public notice of sale is issued.


  • Auctions take place in the county where the property is located.
  • These auctions are usually conducted by one of two entities – the County Sheriff’s Office or a private auction company.
  • Depending on the auction, you will need around 10-25% of the amount you bid – in the form of a cashier’s check. The rest (full amount) will need to be paid within 24 hours.
  • Most properties revert back to the plaintiff (bank) which is referred to as an REO – or they are cancelled. A small amount of properties actually get big on and sold to private parties at the auction.

Thanks to for the great information


No Comments

Click on a tab to select how you'd like to leave your comment