Foreclosure Consequences - Consequences of Foreclosure
Foreclosure Consequences in ILLINOIS: IL
Foreclosure Summary copyright, © ForeclosureLaw.org
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 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
Learn all about foreclosure consequences in Alabama: AL, foreclosure consequences in Alaska: AK, foreclosure consequences in Arizona: AZ, foreclosure consequences in Arkansas: AR, foreclosure consequences in California: CA, foreclosure consequences in Colorado: CO, foreclosure consequences in Connecticut: CT, foreclosure consequences in Delaware: DE, foreclosure consequences in Florida: FL, foreclosure consequences in Georgia: GA, foreclosure consequences in Hawaii: HI, foreclosure consequences in Idaho: ID, foreclosure consequences in Illinois: IL, foreclosure consequences in Indiana: IN, foreclosure consequences in Iowa: IA, foreclosure consequences in Kansas: KS, foreclosure consequences in Kentucky: KY, foreclosure consequences in Louisiana: LA, foreclosure consequences in Maine: ME, foreclosure consequences in Maryland: MD, foreclosure consequences in Massachusetts: MA, foreclosure consequences in Michigan: MI, foreclosure consequences in Minnesota: MN, foreclosure consequences in Mississippi: MS, foreclosure consequences in Missouri: MO, foreclosure consequences in Montana: MT, foreclosure consequences in Nebraska: NE, foreclosure consequences in Nevada: NV, foreclosure consequences in New Hampshire: NH, foreclosure consequences in New Jersey: NJ, foreclosure consequences in New Mexico: NM, foreclosure consequences in New York: NY, foreclosure consequences in North Carolina: NC, foreclosure consequences in North Dakota: ND, foreclosure consequences in Ohio: OH, foreclosure consequences in Oklahoma: OK, foreclosure consequences in Oregon: OR, foreclosure consequences in Pennsylvania: PA, foreclosure consequences in Rhode Island: RI, foreclosure consequences in South Carolina: SC, foreclosure consequences in South Dakota: SD, foreclosure consequences in Tennessee: TN, foreclosure consequences in Texas: TX, foreclosure consequences in Utah: UT, foreclosure consequences in Vermont: VT, foreclosure consequences in Virginia: VA, foreclosure consequences in Washington: WA, foreclosure consequences in Washington, DC; foreclosure consequences in West Virginia: WV, foreclosure consequences in Wisconsin: WI, foreclosure consequences in Wyoming: WY