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    TheLaw Offies o Steve Ivy P.C.
    STEVEN IVY P.C. Illinois law firm offering business law, real estate law, patent law, trademark law, copyright law, trade secrets, mediation, arbitration, contract law, immigration law, employment law, import law, export law, commercial real estate.

    Receivership Issues

    ...Helping Receivers Manage Troubled Properties

    Receivership Practice

    Receivership is a process by which a court, with or without the owner's consent, appoints a receiver to take control of a troubled property. The main purpose of this process is to prevent any further breakup of the property at issue, and prepare it for the court's final decision on the matter. STEVEN IVY P.C. represents commercial landlords, owners and lenders in workouts and forbearance agreements and supports receivers during the management of the troubled property.

                  
    MORE INFO.

    Foreclosure Practice

    When a buyer defaults on a loan, the lender can foreclose, which means that the lender can force a sale of the home to pay for the outstanding loan. The sale of the property is typically done at a public auction, where the successful bidder receives a trustee’s deed to the property. However, the foreclosure is not the only option, and in many cases could be prevented. STEVEN IVY P.C. specializes in foreclosure prevention. We resolve simple and complex foreclosure issues.  We carefully examine each foreclosure case, vigorously negotiating on behalf of our clients, helping them keep their homes.

                  

    Personal Service

    The hallmark of our practice is personal service. We work closely with our clients to ensure that their interests are properly protected. STEVEN IVY P.C. is servicing clients in several Illinois counties, including: Cook County, Lake County, DuPage County, Kane County, DeKalb County, Will County, McHenry County and Kendall County. Our clients can meet with us in eight Illinois locations, including: Chicago, Lisle, Northbrook, Oak Brook, Rosemont, Saint Charles, Schaumburg, and Warrenville.

                

    Foreclosures in Illinois

    Lenders in Illinois have a number of options available to them to foreclose on a mortgage in default, they include:

    1) Judicial Foreclosure involves filing a lawsuit to get a court order to sell the home (foreclose). It is used when there is no power-of-sale clause in the mortgage or deed of trust. A notice of the lenders intent to foreclose must be given to the borrower, and any other person entitled by Illinois statutes to receive notice, at least thirty (30) days prior to the courts judgment of foreclosure. Generally, after the court orders the sale of your home, it will be auctioned off to the highest bidder.

    2) Deed in Lieu of Foreclosure involves an agreement between the defaulted barrower and lender. Here, borrower, upon lender's approval, may provide his/her deed to the lender terminating the secured interest that lender had in the property. Upon this exchange, the borrower's obligation to the lender are settled, which means that the lender will no longer be able to obtain a deficiency judgment against the borrower.

    3) Consent Foreclosure. In this type of foreclosure, the court enters a judgment satisfying the mortgage by giving absolute title to the property secured by the mortgage to the lender. The borrower has no rights of redemption after this type of foreclosure judgment has been rendered and the lender may not file for a deficiency judgment.

    4) Non-judicial foreclosure is NOT available in Illinois. It is used when there is a power-of-sale clause in the deed of trust that secures the mortgage loan by giving the trustee the authority to sell the home to pay off the loan balance at the request of the lender if the borrower defaults (fails to make payments).

                

    Foreclosure Process

    The judicial foreclosure is the most common foreclosure process in Illinois. The whole process is time sensitive and involves the following steps:

    1) 30-60 days late with the mortgage payment, at this point you have missed 2 mortgage payments. As a result, you should expect contact from  the lender informing you of nonpayment.

    2) 60-120 days late with the mortgage payment,  at this point you have missed 3 mortgage payments. Lender sends you a notice of intent to foreclose and contacts its attorney to initiate foreclosure proceedings. Your foreclosure will become a matter of public record.

    3) 120-175 days late with the mortgage payment, at this point you will be served with a summons. If the sheriff cannot serve you personally, a notice in a newspaper will count as a constructive notice. You must reply to this summons within 30 days of being served.

    4) 60 days after being served with the summons, the court case continues in the court without your involvement. Upon motion from the lender, a default judgment will be entered against you.

    5) 3 months after being served with the summons, your right to reinstate your loan expires. Losing the reinstatement rights, means that it is too late to fix this problem even by paying your past dues, including the monthly payments owed, late fees, court costs and attorney’s fees.

    6) 7 months after being served the summons, or 3 months after the default judgment has been entered (whichever is later), your right to redemption expires. Losing the right to redemption means that it is too late to fix this problem by paying off your loan. Your house will be sold at public action.

    7) 15 days after the sale at the sheriff's action, an order confirming the sale of your property and order for eviction is entered. The eviction is stayed for 30 days, giving you 30 days to vacate the premises.

    8) 30 days after the order of sale is entered, the sheriff's office is given a court order requiring your eviction. If you do not leave the premises willingly, you may be evicted by force.

                  

    Alternatives to Foreclosure

    ​The entire foreclosure process may take up to 15 months. However, you should not wait until your house is sold at an auction. If you act early enough, right after missing 2-4 mortgage payments, you may qualify for a loan forbearance program, a short sale, or a deed in lieu of foreclosure. Either one of these options is better than losing your house at the public action. On the other hand, if you don't qualify for any of these options, you should consider bankruptcy relief.  Here, you'll be given a chance to fix your financial problems by agreeing to a new payment plan.

                  
    Foreclosures And
    • Construction & Developments

    • Joint Ventures & Capital

    • Purchases & Sales

    • Lease Agreements

    • Tenant & Landlord Rights

    • Environmental Issues

    • Gov. Assisted Programs

    • Condemnations & Evictions

    • Receiverships & Foreclosures

    • Zoning & Land Use Laws

    • Easements & Boundary Issues

    • Taxation Issues

    REAL ESTATE