Illinois Foreclosure Law

Facts:

Judicial Foreclosure Available:     Yes

Non-Judicial Foreclosure Available:       No

Primary Security Instruments:      Mortgage

Timeline:     Approximately 210 Days

Right of Redemption:       No

Deficiency Judgments Allowed:       Yes

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Quick Summary:

In Illinois, lenders may foreclose on mortgages in default using a judicial process only. 

 

The foreclosure timeline in Illinois is approximately 210 days from the time you miss your first payment until a Notice of Default or Notice of Sale is issued to your actual foreclosure date and sale.

Illinois borrowers do not have the right of redemption and are allowed deficiency judgments on a case by case basis.

New Information on Illinois Foreclosure Laws and regulations:

Requires a mortgagee to provide mortgagor a "grace period notice" giving mortgagor 30-days to work out an acceptable sustainable loan workout plan with an approved housing counseling agency. To view bill IL SB 2513 click here

Provides that party that should have, but did not, receive a notice of judicial sale may request the court to set aside the sale (providing, however, that the party posts a bond equal to the successful bid on the property). To view bill IL HB 2005 click here

For more information on Illinois Foreclosure laws and regulations visit  http://www.ncsl.org/public/leglinks.cfm and click on your state.

Or Contact: 

Illinois's Attorney General's Office
500 S. Second Street
Springfield, IL 62706
Ph: (217) 782-1090
Fax: (217) 782-7046