Illinois State Foreclosure Laws

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Illinois Foreclosure Laws

Judicial Foreclosure Available:

Yes

Non-Judicial Foreclosure
Available:

Yes

Right of Redemption:

No

Deficiency Judgments allowed:

Yes

Special Comments:

None

Select Your State

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 the Illinois 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

State Law information provided by Foreclosurelaw.org

What can you do

Our foreclosure specialists understand what your Mortgage Company requires to avoid foreclosure or stop foreclosure. We understand what it takes to get a mortgage workout approved.

We will use one of these strategies or perhaps a combination of workout plans to develop your personalized strategy to stop foreclosure:

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