Illinois Foreclosure Law

In Illinois foreclosure law approaches only Judicial Foreclosure. Non-judicial foreclosure is not allowed in Illinois foreclosure law. In Illinois state foreclosure timeline typically capture 210 days. Illinois foreclosure law gives endorsement to only mortgage as primary security instruments; deed on trust is not more applicable as primary security instrument. Illinois foreclosure law does not authorize the statutory right of redemption. However Illinois foreclosure law allows deficiency judgments

By using various methods lenders in the state of Illinois may foreclose on mortgages in the arrangement of default.

At least thirty (30) days prior to the courts judgment of foreclosure a notice conveying lenders intent to foreclose must be furnished to the borrower, and to any other person allowed by Illinois statutes to receive notice.
In accordance with the notice of sale the proposed sale will be conducted on the terms and conditions specified in the said notice. Terms and conditions must meet the criteria provided in the Illinois Statutes.
The sheriff or any judge will conduct the supposed sale within the county where the property is located. Borrower has no rights of redemption later than the final foreclose sale.

Deed in Lieu of Foreclosure
After default both the borrower and the lender may indulge in agreement on a mutual termination of the borrower’s interest in the property. For this the borrower may simply give the deed to lender and to their representatives in lieu of foreclosure subject to any other claims or liens affecting the real estate. With the acceptance of deed from the borrower lender may not seek to obtain a deficiency judgment against the borrower at any time afterward.

Consent Foreclosure
By means of a consent foreclosure, the court enters a judgment satisfying the mortgage in favor of lender by awarding absolute title of the mortgaged property. After the consent foreclosure the borrower has no rights of redemption, and also the lender has no privilege to file a deficiency judgment in case of consent foreclosure.

Common Law Strict Foreclosure
Lenders may also foreclose on a mortgage by using the common law strict foreclosure .when borrower defaults under this type of foreclosure court orders the borrower to pay the mortgage within a specific period of time.
If the borrower fails to do so, property tile automatically transfers to the lender, devoid of any obligation to sell property.