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Only Judicial foreclosures are allowed in state of Illinois.
What is the processing period for foreclosure Illinois?
Processing period is 210 days in Illinois.
Is there any right of redemption in Illinois for foreclosure?
No, Illinois does not offer right of redemption.
Are deficiency judgments permitted in Illinois?
Deficiency judgments are permitted in Illinois.
Which law provision governs foreclosure in Illinois?
It is found in 735 ILCS 5/Art XV.
What happens during Judicial Foreclosure in Illinois?
First lender needs to send a notice to the borrower at least 30 days before the courts judgment of foreclosure. If court agrees with lender, it issues notice of sale with terms and condition of the sale. It should meet the minimum standard provided in the Illinois Statutes. The notice should be published in legal and real estate section of local newspaper once a week for three weeks. The last notice should be published minimum 7 days before the sale. The sale is conducted by the sheriff or any judge within the county where the property is located.
What happens during the Deed in Lieu of Foreclosure?
In this type of foreclosure, borrower simply has to give deed to the lender and his interests in the property securing the deed will be terminated. If lender accepts the deed, no deficiency judgments can be issued against the borrower afterwards.
What happens during the consent foreclosure?
In this type of foreclosure, court gives a judgment by which lender gets all rights related to title of the property. After this type of foreclosure, lender should not file for a deficiency judgment.
This is legal information; it should not be treated as legal advice.
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REDEMPTION RIGHTS
The owner and a senior lien holder can redeem the property prior to the auction. The redemption period is the later of:
1) 7 months from the date of service of the complaint.
2) 3 months from the date of judgment.
There are two (2) exceptions to the periods listed above they are:
1) 60 days after judgment if the court finds the value of the real estate is 90% of the judgment amount. See consent foreclosure.
2) 30 days after the judgment if the property has been determined to be abandoned.
The redemption period can be extended by order of the court. It must be a specific order.
SPECIAL RIGHTS TO REDEEM WHEN BANK WINS THE BID
If the bank wins the bid, the previous owner shall have a special right to redeem the property for a period of thirty days after the confirmation of sale.
REQUIREMENTS TO REDEEM PROPERTY
The homeowner must pay the attorney for the bank the required amount within the period of redemption.
If the bank refuses to accept payment or if the owner objects to fees, then the owner shall pay the full amount into court along with a written statement specifying the objection.
The clerk will then forward to the bank all nonobjected to funds. The clerk will then give a receipt to the owner redeeming the foreclosure and file the receipt in the foreclosure record. The bank must then promptly furnish the owner with a release.
Objection Procedure
1) Clerk holds the amount objected to.
2) Hearing is scheduled
3) Court makes order determining what needs to be paid
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