The foreclosure process is a difficult one for all parties involved, the lender, the borrower, and the new owner. It’s easy to forget, or not even know, what all of your options are. The basic foreclosure process begins with a “Notice of Default.” The lender is then responsible for filing a “suit pending,” which gives the borrower 20 days to file an answer to present their side at a hearing. After 20 days, the lender’s attorney will file a motion to declare a summary judgment.

A “Summary Judgment” is a court preceding that determines some or all of the case without a trial. The lender, or bank, is asking for title and possession of the property. Without counterclaims from the borrower, the court will issue an Order of Default, which admits the case. On the other hand, if the borrower submits a response and the matter goes to a hearing where the property owner can submit proofs by affidavit.

In most cases, the borrower will not be able to successfully argue the foreclosure. A sale date will be set within 45 days of the hearing. The judge can extend the sale date out another 120 days if the borrower would like to attempt a short sale. A legal ad of the sale will be published for two full weeks in local circulation before the Clerk of Circuit Court conducts the sale.

This post was written by Stephen Hachey. Follow Stephen on Google, Facebook, Twitter & Linkedin.