2nd Year of Delinquency, March 1: Minimum of $195 in fees added to your delinquency. Your property is forfeited, not foreclosed, to the Treasurer. The interest rate increases from 1% to 1.5% or from 12% to 18% each year. 2nd Year of Delinquency, May 1: A foreclosure petition is filed in Circuit Court. June 1 to January 31: All owners and lien holders are identified and contacted through title research, and personal visits are made to taxpayers. 3rd Year of Delinquency, January: “Show cause” hearings are held, giving taxpayers a chance to appeal foreclosure. 3rd Year of Delinquency, February: Circuit Court hearing is held, Foreclosure Order signed by the Judge. 3rd Year of Delinquency, March 31: h 31:Taxpayers lose all interest in their property. 3rd Year of Delinquency, August: Tax-foreclosed properties are offered at auction to recover back taxes, interest, and penalties. AVOIDING FORECLOSURE FOR REASONS OTHER THAN TAX DELINQUENCIES There are a few options to consider that can stave off foreclosure. These options can come in handy in this drastic circumstance, and you can think of them as potential “remedies” when you want to hold on to your home. • Try reinstatement. If foreclosure is looming due to missed mortgage payments, reinstatement refers to the case in which you bring your payments current by paying—in full—the amount due to your lender, including all the
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