I can't even begin to thank you enough for the amazing service you provided us. I must admit, I came to you with small expectations. My husband Doug had been laid off and we were 2 months behind on our mortgage.
You took the bull by the horns and immediately started talking with our mortgage company. Before we knew it, we had worked out a deal to keep our home and keep our payments the same.
What really impressed us was the sensitivity you used in working with us and allowing us to maintain our dignity throughout this unfortunate period. Thanks again."
Lori & Doug - Colombus, OH
Illinois foreclosure laws & foreclosure news from Illinois
- 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.
Within just a few minutes we can be mapping out our plan to resolve the issues with your lender. Time is the biggest factor working against you right now. The sooner you contact us, the more options we will have for you. Don't wait any longer...
