Illinois Foreclosure
Lender enjoys Judicial Illinois Foreclosure and deficiency judgments. Primary Security Instrument being Mortgage typical timeline is 210 days. There is no right of redemption. Power of Sale foreclosures are not recognized in Illinois. The borrower and persons entitled by the law must receive lenders notice of intent to foreclosure 30 days ahead of foreclosure order by court. Any judge or any judge will conduct the sale. Lender has right to decline to accept borrower’s offer to deed in lieu of foreclosure. If it accepts, lender looses right to deficiency judgment. On the other hand court may also rule that the title transfer absolutely to the lender in satisfaction of the mortgage. Lender foregoes right to deficiency judgment and the borrower right of redemption after this. Common law strict foreclosure is another option a lender can exercise.
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