Illinois Foreclosure Process and Laws


Quick Facts About the Foreclosure Process in Illinois

Judicial Foreclosure Available: Yes

Non-Judicial Foreclosure Available: No
Primary Security Instruments: Mortgage
Timeline: Typically 210 days
Right of Redemption: No
Deficiency Judgments Allowed: Yes

In the State of Illinois, there are a number of options that lenders can choose from to foreclose on a mortgage in default.

Judicial Foreclosure
A notice of foreclosure must be sent to the borrower, as well as other parties involved about the intent to foreclose at least thirty days before the court’s judgement to foreclose.

As soon as the court approves the foreclosure, the specifics stated in the notice of sale must be followed as long as it is in agreement with the minimum standards set by the Illinois Statutes.

A judge or the sheriff may conduct the sale at the property itself and the borrower has no rights of redemption after the sale is completed.

Deed in Lieu of Foreclosure
If the borrower has defaulted on a mortgage, he may arrange to give the lender the deed of the property, surrendering any rights that he has on the property. If the lender accepts, he may not sue to obtain a deficiency judgement anymore.

Consent Foreclosure
This type of foreclosure is when a court orders the giving of the title of the property to the lender as a judgement to satisfy the mortgage. The borrower loses his redemption rights and the lender is not a allowed to sue for deficiency judgement.

The common law strict foreclosure method may also be used by lenders, but the law of Illinois does not allow non-judicial power of sale foreclosure.

Foreclosure Avoidance Counseling

HUD-approved housing counseling agencies are available to provide you with the information and assistance you need to avoid foreclosure. As part of President Obama’s comprehensive Homeowner Affordability and Stability Plan (HASP), you may be eligible for a special Making Home Affordable loan modification or refinance, to reduce your monthly payments and help you keep your home.

If you need help understanding the Making Home Affordable programs, you can use this search tool to find a counseling agency in your area that will provide you with free foreclosure prevention services. If you are eligible for the loan modification or refinance program, the counselor will work with you to compile an intake package for your servicer.

Foreclosure prevention counseling services are provided free of charge by nonprofit housing counseling agencies working in partnership with the Federal Government. These agencies are funded, in part, by HUD and NeighborWorks® America. There is no need to pay a private company for these services.

In Chicago

Call: (312) 353-5680
Fax: (312) 886-2729
TTY: (312) 353-7143

Ralph Metcalfe Federal Building
77 West Jackson Boulevard

Chicago, Illinois 60604

Office Hours: 8:30 a.m. to 5:00 p.m.
Monday through Friday

In Springfield

Call: (217) 492-4120

Fax: (217) 492-4154
TTY: (217) 492-4101

John W. Meyers,
Field Office Director

500 West Monroe, 1SW
Springfield, IL 62704

Office Hours: 8:00 a.m. to 4:30 p.m.
Monday through Friday