Here is a summary of foreclosure laws and rules for the State of Illinois:
- Lenders can use either a judicial or non-judicial foreclosure.
- Illinois does not allow power of sale non-judicial foreclosures.
- You can reinstate the loan with the first 90 days after being served with the lawsuit.
- The borrower has a redemption period of 90 days after judgment of foreclosure is entered by the court.
- A deficiency judgment is allowed.
If you are interested in reading the actual statutes relevant to mortgage and foreclosure in Illinois those laws are available online.
If you need to talk with an Illinois lawyer who handles mortgage and foreclosure matters call David Leibowitz at 847-249-9100. Visit his website at www.lakelaw.com
Learn more about what the above procedures and rules mean. Review the homeowner foreclosure guide on this website.
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