Auction in 2 weeks, Can I still try for a subject to?

Question

I just found the contact information of a property that I am interested in. The financing for it, or at least as everything that I was able to find on it, I have in place in cash if it goes to auction. I was hoping to catch it before it does as a subject to. Will I have enough time? Is that a good idea or should I just wait? (PS I have never done one, so I'm going to have to depend on my attorney. He is good, but I'm totally new to the creative side)

Vincent Incopero · Answer

The borrower's right to redeem isn't officially extinguished until after the judicial sale. Refer to the statute on "Special Right to Redeem" at 735 ILCS 5/15-1604.

Alla Furman · Answer

@Susan Smith  I am in Illinois, which is a Judicial State.

Is asking them to do a loan modification much too late? The 15 day before auction window within which the big banks must review the package and can stop the foreclosure, if approved, has already passed. The 37 day before foreclosure sale date to submit a loss mitigation application is long gone as well. It makes me wonder if they have already tried and have been informed that they are not eligible, or rejected mitigation offers or didn't comply with the terms.

What else can I do? How does it work in real life?

Susan Smith · Answer

Is the property located in a judicial state where the foreclosing attorney has to go through the court before the foreclosure sale can be stopped?