Foreclosure and Loan Modification Blog

An expedited foreclosure, also known as a fast-track foreclosure, is an action pursued by the lender of the mortgage which allows the lender to foreclose on a home more quickly than the typical foreclosure process would allow. The lender files a motion to expedite the foreclosure with the courts. The motion for an expedited foreclosure is also served to the homeowner. This motion is only granted to the lender if the lender can show that the home has been abandoned and may be at risk of harm.

You can also receive a motion for expedited foreclosure when you are still living in the home. If this should happen to you, it is very important that you meet with a foreclosure defense attorney to review the documents. In most cases, you will want to hire a lawyer to make sure you follow all of the instructions and respond and object to the motion. This means you may have to submit evidence and attend a court hearing in order for the judge to decide whether or not you have abandoned the home.

This holiday season, you may get the gift of delayed foreclosure because courts and banks will be closed some days around Christmas and New Year's.

Foreclosure sale dates often aren't scheduled by courts for the end December to account for the days they will be closed.

The closures will also temporarily disrupt progress on moving a foreclosure case toward a sale.

That's means that you may have slightly more time in your home than if your foreclosure case was moving forward at another time of the year.

Foreclosure Eviction Moratoriums

It's possible to have some delays in your foreclosure case just because of the courts being closed. But there are also some actions being taken specifically to help families stay in their homes during the holidays. 

Homeowners who fall seriously behind on their mortgage often notice something strange when they are served a foreclosure complaint: under defendants, alongside their name, there are other “unknown” defendants listed. Who the heck are these “Unknown Parties”, and why are they on your complaint? 

Before I answer that, let's look at an example of a foreclosure complaint from a recent client of our firm in Collier county, Florida (my bold):

“VERIFIED MORTGAGE FORECLOSURE COMPLAINT

Plaintiff, U.S. Bank National Association, sues Defendants (Names Redacted); Any and All Unknown Parties Claiming By, Through, Under, and Against the Herein Named Individual Defendant(s) Who Are Not Known to be Dead or Alive, Whether Said Unknown Parties May Claim an Interest as Spouses, Heirs, Devisees, Grantees, or Other Claimants; Unknown Party #1, Unknown Party #2, Unknown Party #3 and Unknown Party #4, the names being fictitious to account for parties in possession, and alleges...”

You can see from that excerpt that US Bank is suing homeowners in a foreclosure lawsuit. After the owners names, they also list as defendants “Any and All Unknown Parties (who)...May Claim an Interest” in the property. They use language that covers any possible way that a person could have an interest in the subject property, such as “Spouses, Heirs, Devisees, Grantees”.

Some counties in Illinois offer mediation programs to homeowners in foreclosure, which are “designed to create an opportunity for homeowners and lenders to come together to explore mutually beneficial alternatives to foreclosure.” 

At the mediation conference, a homeowner and a representative from the foreclosing lender will come together with an impartial third party where alternatives to foreclosure, such as loan modification, repayment plan, short sale, and deed in lieu of foreclosure, may be discussed.

Can I Participate In Mediation?

In some counties in Illinois, it's mandatory that mediation be offered to eligible homeowners facing foreclosure.