Foreclosure costs in Lake County, IL

3 Replies

Hi, Im not sure if this is the right forum to be asking this, but would anyone have a general idea of what court costs/ attorney fees are for foreclosing in Lake County IL?

I've done some research on other BP forums, but due to the dates of the answers, I am getting anything between 8k and 15k. 

Was just wondering if someone had recently gone through one and had some insight to share. 

Thank-you

@Johnny Forgione That range probably reflects the difference between contested and uncontested foreclosure complaints. We have one in Lake County and so far we've spent about $3k and we haven't reached judgment yet. I think we'll come in at about $6k for this uncontested foreclosure. (Lake County has a mandatory mediation requirement that's different from Cook County and might be responsible for added costs and timeline)

Depending on the situation and where the property is located, the cost for foreclosure can vary greatly, so to see a range in foreclosure cost is not uncommon.

A Consent Foreclosure is also an option that most borrowers do not know is available to them. Through a Consent Foreclosure, the absolute title of the property vests in the Lender free and clear of any liens (except liens of the United States which can only be extinguished through the Foreclosure Process) or rights of the borrower (including the right to redemption and reinstatement).

A Consent Foreclosure generally is a shorter process for the Lender, as opposed to a litigated foreclosure case (shorter could mean less expensive). The borrower benefits because the Lender agrees to waive its rights to a personal deficiency.

Create Lasting Wealth Through Real Estate

Join the millions of people achieving financial freedom through the power of real estate investing

Start here