After a homeowner misses monthly mortgage payments, a bank can go to court to take the home away. The lawsuit that is filed is known as a foreclosure.
Foreclosure cases take several months and you may have options to save your home. Only the judge can order you to move out of your home. Do not move out of your home when you get a foreclosure summons.
In a foreclosure lawsuit, the mortgage company is the plaintiff, and you are the defendant. If the court rules against you, your house can be sold at auction. The money from that sale is used to pay off your loan.
For more information, view the videos Mortgage foreclosure overview and What happens once a foreclosure lawsuit is filed?
If you need help with mortgage foreclosure, you can contact a HUD Approved Housing Counseling Agency. The Illinois Housing Development Authority has more information on saving your home.