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Foreclosure Process For Illinois (IL)

If you live in or own a property in Illinois and are facing foreclosure, please see below for the step-by-step process.
When you develop a definite plan of action with well-timed, well-informed steps, you can stop the foreclosure process and save your home. We have outlined the foreclosure process for the state of Illinois. Judicial Foreclosure Available: Yes Non-judicial Foreclosure Available: Yes Preferred Method of Foreclosure Judicial. Illinois does not allow power of sale non-judicial foreclosures. They are explicitly banned by statute. Instead, foreclosure is done by filing a lawsuit. The suit may seek either strict foreclosure or a foreclosure under the Illinois Mortgage Foreclosure law. The latter approach is much more common that strict foreclosure. A new procedure also exists to speed up the judicial foreclosure under the Illinois Mortgage Foreclosure Law called "consent foreclosure." The Illinois Mortgage Foreclosure law spells out in detail what must be included in the lender’s lawsuit (petition) for foreclosure. If the lender strictly observes the requirements for proper petition, then it is possible for the lender to win the lawsuit by motions without having to go to trial. Consent Foreclosure A consent foreclosure will vest all the borrower’s rights and title and the ... more

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