Illinois Foreclosure Law Summary
Stop Illinois Foreclosure
- 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.
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
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
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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more information on Illinois foreclosure laws.