Quick Facts

–  Judicial Foreclosure Available: Yes

–  Non-Judicial Foreclosure Available: No

–  Primary Security Instrument: Mortgage

–  Timeline: Typically 210 days

–  Right of Redemption: No

–  Deficiency Judgments Allowed: Yes

Lenders in Illinois have a number of options available to them  to foreclose on a mortgage in default.

Judicial Foreclosure

A notice of the lenders intent to foreclose must be given to the  borrower, and any other person entitled by Illinois statutes to receive notice,  at least thirty (30) days prior to the courts judgment of foreclosure.

If the court finds in favor of the lender and issues a notice  of sale, the sale will be conducted on the terms and conditions specified in the  notice of sale, provided they meet the minimum standards provided in theIllinois Statutes.

The sheriff or any judge within the county where the property  is located may conduct the sale. The borrower has no rights of redemption after  the foreclosure sale.

Deed in Lieu of Foreclosure

If the borrower has defaulted on the mortgage and the lender agrees,  the borrower may simply give the deed to the lender and his interests in the property  securing the deed will be terminated. If the lender agrees and accepts the deed,  they may not seek to obtain a deficiency judgment against the borrower at any time  afterward.

Consent Foreclosure

In this type of foreclosure, the court enters a judgment satisfying  the mortgage by giving absolute title to the property secured by the mortgage to  the lender. The borrower has no rights of redemption after this type of foreclosure  judgment has been rendered and the lender may not file for a deficiency judgment.

Lenders may also foreclose on a mortgage in default by using the  common law strict foreclosure method, but Illinois law does not permit non-judicial  power of sale foreclosures.

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Click here for  more information on Illinois foreclosure laws.

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