How to Buy Chicago Foreclosed Properties

By: Joseph Smith


Before you head to up Illinois to find your own affordable piece of the Windy City, you should be aware that buying Chicago foreclosed properties is not always as easy or as fast as you might think.

With one of the longest foreclosure periods in the United States, Illinois law can be a nightmare for lenders who just want to recoup some of their loss after a buyer defaults on a mortgage. Unfortunately, the law is very specific about the judicial process which must be followed. For example, after the complaint of foreclosure is filed by the lender with the courts, the borrower is given a full month to respond. Even if no response is received, the lender has to give the borrower 90 days in order to pay off the debt and re-acquire the property. That’s one of the drawbacks of looking at Chicago foreclosed properties.

Another reason you may not want to choose Chicago foreclosed properties is the auction price. Once the redemption period of 90 days expires the property can be sold. However, the starting price for the property is always going to be the amount due on the mortgage. While you might still be able to get a good deal this way, most of the time you’ll end up paying quite a bit for the Chicago foreclosed properties.

Even once all of those steps have been followed and you’ve paid for the Chicago foreclosed properties in full, you still have to wait over 10 days to receive the deed of ownership.

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Joseph Smith has been educating buyers on the finer points of Chicago Foreclosed Properties purchase at ForeclosedPropertiesData.com for over four years. Click here to visit and read more advice on finding Foreclosed Homes.

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