Foreclosure Laws in Illinois

By: Kathy Swift

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.

A title search is conducted before a lender chooses to foreclose on a mortgage or note.  If there are any liens that appear to be more senior than the lender lien, it should be noted before the sale.  Or, a purchaser needs to take the property subject to the senior lien.

During the foreclosure suit, the junior liens need to be named as defendants in order to ensure free and clear title, at the foreclosure sale.

The lender can file a complaint with the court, to foreclose the mortgage, when a borrower becomes in default.  Any defendant’s and the borrower will be served a complaint.  The law in Illinois is such that it allows for a service by publication, if the mortgage holder or any defendant cannot be found.  Once this service is publicized, the person has to file an answer.  If there is no answer, the court will order a default.  The parties might able to litigate the matter if an answer contesting the foreclosure is filed.

If the judgment is in favor in favor of the lender, the borrower has 90 days of redemption, before the sale can take place.

Integrity 1st Consulting is your specialist- Kathy Swift

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