Illinois Foreclosure Timeline and Laws

Illinois Foreclosure Process and Procedure

If you default on your mortgage, your lender can institute foreclosure proceedings against you. You risk losing your home.

The preferred method of foreclosure used in Illinois is judicial foreclosure.  If legal action has already been commenced, the borrower can request a consent foreclosure proceeding. The court enters a judgment which satisfies the mortgage debt by issuing an absolute title to the property to the lender.

Lenders may also foreclose by using the common law strict foreclosure method, which is complicated and rarely used.  Illinois law does not allow non-judicial foreclosures.

Notice Requirements for Foreclosure in Illinois

The notice of Sheriff's sale must be published in a local newspaper in the county where the property is located once a week for three weeks.

Illinois Deficiency and Anti-Deficiency Laws

A deficiency judgment may be obtained by the lender if the property is sold for less than the loan amount.  Deficiency judgments are not permitted in consent of foreclosure action.

Illinois Redemption Rights

Illinois has no post sale statutory right of redemption. The borrower may redeem the property 90 days prior to the sale date. The court can shorten this to 30 days. Reinstatement and redemption rights can only be exercised once every five years.

Illinois Assistance, Special Programs, Government Help, and Law Updates

 Foreclosure Programs:

• Illinois Foreclosure Avoidance Counseling -HUD
• The Home Affordable Mortgage Modification Program
• The Home Affordable Refinance Program
• The Home Affordable Foreclosure Alternatives Program
• FHA Secure
• Hope for Homeowners

Foreclosure Lawyer

Illinois foreclosure laws are complex. It is recommended that you consult with a foreclosure lawyer who can advise you about options to avoid foreclosure including refinancing, reinstatement, deed in lieu, mortgage modification, short sale or bankruptcy.