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Foreclosure Evaluation & Ebook

  • Evaluate Your Situation (Form Below)

    Not many people know how to find the right solutions for their problem. This process will save time and answer many of your questions.

  • Explore All Possible Options

    After the evaluation, you will understand every possible option available for your exact situation. No more searching or worrying about finding a solution.

  • Avoid Further Loss or Judgments

    Regardless of what option you choose, our process takes every possible precaution to help you avoid further losses or deficiency judgments.

  • Recovery From Foreclosure

    Regardless of whether you keep your home, or walk away, we will take steps to help your credit and start the financial recovery.

  • Full Support & Accountability

    We take the problems of our visitors very seriously. We know your financial future is at risk and we pledge our full support to help you through these tough times.

Illinois Foreclosure Laws

Expected Timeline: Seven to ten months
Security Instrument: Mortgage
Type of Process: Judicial
Protections for Servicemembers: 330 Ill. Comp. Stat. § 60/5.1
Time to Respond: Homeowners have 20-30 days to respond after being served with the foreclosure lawsuit. If judgment is awarded to lender, notice of sale must be published between 45 and 7 days before auction date.
Reinstatement Period: Lenders must inform homeowners of right to reinstate at least 30 days before filing lawsuit. Homeowners have 90 days to reinstate loan. See High-Risk Home Loan Act.
Protections for High-Cost Mortgages: High-Risk Home Loan Act, 815 Ill. COmp. Stat. § 137/1 to 137/175
Redemption Period: Seven months after complaint served or three months after foreclosure judgment entered -- whichever is later.
Eviction Process: Court may order eviction within 30 days of sale, although new owner must file complaint for forcible entry and detainer in order to evict anyone not personally served in foreclosure lawsuit. 735 Ill. Comp. Stat. § 735, ILCS 5/9-101, 735 ILCS 5/15-1508(g).
Deficiency Judgments: Allowed, but must be requested as part of initial foreclosure lawsuit.
Limits on Deficiency Judgments: Deficiency judgments are allowed.
Cash Exempted in Bankruptcy: $4,000 for single person, $8,000 for married couple.
State Statutes: 735 Ill. Comp. Stat. § 5/15-1501 to 5/15-1512

There is no Non-Judicial Foreclosure process in Illinois . All foreclosures are conducted through the courts. The lender must file a lawsuit to obtain a judgment for foreclosure and the filing of a lis pendens. The lender may file suit at their discretion, but the general time frame is three (3) to six (6) months after the first missed payment.

When the court issues the judgment for foreclosure, the borrower has a seven (7) month equitable redemption period from the date of service. Alternatively, the borrower may have a three (3) month redemption period from the date that the judgment is issued. Which of these periods applies is determined by which gives a later date for the redemption period to expire. The borrower may delay the issuing of judgment by offering defenses for the suit. But if the borrower fails to redeem the property in the time allowed, a notice of sale is issued.

The notice of sale outlines the terms and conditions of the sale, and the sale may be conducted by the county sheriff or a judge in the county in which the property is located.

The high bidder at the sale must deposit 10% of the bid amount following the sale, and the balance is due within twenty-four (24) hours. There is no redemption period after the sale.

A Consent Foreclosure process is occasionally used in Illinois . This involves the court issuing a judgment of foreclosure and conveying absolute title to the lender. The borrower and lender both consent to this arrangement, eliminating the need for sale. The lender considers the defaulted mortgage satisfied and can not sue the borrower for a deficiency judgment. The borrower has no right to redeem the property in this arrangement.

State Website: www.ilga.gov