- 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 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.
Click here
for more information on Illinois foreclosure laws.
