- Legal EditorHenry Dahut, J.D.
Henry Dahut, J.D.
Attorney - Legal Publisher - Educator
Henry Dahut is a licensed California trial attorney. Over the course of his 25-plus years practicing law, Henry has represented and counseled countless clients in legal trouble.
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Illinois Laws Subject To Change
The Illinois foreclosure summary below provides information on your state’s most common foreclosure rules. However, you should also know that your state’s foreclosure laws and procedures are subject to legislative, judicial, and local rule changes.
The information below is intended to provide you with a beginning point for understanding the intricacies and complexity of your state’s foreclosure law.
You will also need to consult with a local foreclosure defense lawyer to obtain a complete and current understanding of your state’s foreclosure laws and how they may apply to your specific legal and financial situation.
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 several options available to them to foreclose on a mortgage in default.
Judicial Foreclosure
A notice of the lender’s 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 before the court’s judgment of foreclosure.
Suppose the court finds in favor of the lender and issues a notice of sale. In that case, the sale will be conducted on the terms and conditions specified in the sale statement, 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 right to 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 give the deed to the lender, and his interests in the property securing the act 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 redemption rights 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.
