Illinois Foreclosure Law

Illinois uses only the judicial system. The foreclosure process takes about 1 year. A judgment can not be made before 90 days, due to the reinstatement period. Because, of the redemption period, a sale will not occur 1-3 months after the judgment is given. Sometimes the judge will even extend the redemption period.

This article is intended to provide an overview for homeowners of the individual state laws as it pertains to foreclosure. There is a lot of poor information on the web on the topic of forelocsure and i want to help set the record straight.

Foreclosure, a term very common nowadays in various countries, is a process in which a lender, or mortgagee, obtains the right to cancel the borrower’s equitable right in a property. This happens when a borrower, who has mortgaged his property, defaults his return payment to the mortgagee. Both lender and borrowers should have a thorough knowledge of whatever pertaining to foreclosure.

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Redemption rights in foreclosure actually only come after the homeowner's property is lost through judicial sale or foreclosure. The owner can redeem by paying the lender the outstanding principal and interest due, plus the lender's costs in foreclosure. Once the home has been lost, some states allow the homeowner the...

The foreclosure law in your state may allow the lender to take your home without even going before a judge.

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Wyoming allows Judicial as well as Non-judicial foreclosure.Normally, it takes around 90 days to foreclose a property in Wyoming and Sale publication period is 25 days in Wyoming.

Non-judicial foreclosure is conducted only when power of sale clause exists in deed of trust/mortgage. This clause allows borrower pre-authorizes the sale of property to pay off the balance loan in the incidence of their default.

Only Judicial foreclosures are allowed in state of 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.

There are two types of foreclosures followed in Connecticut. 1.Strict foreclosure 2.Foreclosure by sale In strict foreclosure, there is no actual sale of property. Lender has to go to court and obtain court order mentioning that the borrower is in default. If he succeeds in that, the property is transferred in his name automatically.