Here is a summary of foreclosure laws and rules for the State of Illinois:
Illinois foreclosure law permits lenders to use judicial foreclosure.
Illinois does not allow power of sale non-judicial foreclosures.
You can reinstate the loan within 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.
Much more information is available throughout this website, but for definitive advice ask an Illinois lawyer.
If you are interested in reading the actual statutes relevant to mortgage and foreclosure in Illinois those laws are available online.