- 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.
