Friday, July 08, 2005
Illinois Real Estate Foreclosures Law
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 ForeclosureA 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 state statutes.
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 ForeclosureA 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 state statutes.
