The document summarizes Illinois foreclosure law. It states that judicial foreclosure is available, while non-judicial foreclosure is not. It also notes that deficiency judgments are allowed, but the borrower has no right of redemption. The summary describes the judicial foreclosure process, including the 30 day notice, sheriff's sale, and that the borrower has no post-sale redemption rights. It also briefly outlines deed in lieu of foreclosure and consent foreclosure as alternatives to judicial foreclosure.

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WHAT IS A SHORT SALE Illinois Foreclosure Law Summary
WHY USE SHORT SALE US Quick Facts
SUCCESS STORIES - Judicial Foreclosure Available: Yes
WHO QUALIFIES FOR A SHORT SALE - Non-Judicial Foreclosure Available: No
FAQs - Primary Security Instrument: Mortgage
SHORT SALE NEWS - Timeline: Typically 210 days
VALUE YOUR HOME
- Right of Redemption: No
STATE FORCLOSURE LAWS
- Deficiency Judgments Allowed: Yes
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Lenders in Illinois have a number of options available to them to
HIRE US foreclose on a mortgage in default.
Judicial Foreclosure
A notice of the lenders intent to foreclose must be given to the
borrower, and any other person entitled by Illinois statutes to receive
notice, at least thirty (30) days prior to the courts judgment of
foreclosure.
If the court finds in favor of the lender and issues a notice of sale,
the sale will be conducted on the terms and conditions specified in
the notice of sale, provided they meet the minimum standards
provided in the Illinois Statutes.
The sheriff or any judge within the county where the property is
located may conduct the sale. The borrower has no rights of
redemption after the foreclosure sale.
Deed in Lieu of Foreclosure
If the borrower has defaulted on the mortgage and the lender
agrees, the borrower may simply give the deed to the lender and his
interests in the property securing the deed will be terminated. If the
lender agrees and accepts the deed, they may not seek to obtain a
deficiency judgment against the borrower at any time afterward.
Consent Foreclosure
In this type of foreclosure, the court enters a judgment satisfying the
mortgage by giving absolute title to the property secured by the

2. mortgage to the lender. The borrower has no rights of redemption
after this type of foreclosure judgment has been rendered and the
lender may not file for a deficiency judgment.
Lenders may also foreclose on a mortgage in default by using the
common law strict foreclosure method, but Illinois law does not
permit non-judicial power of sale foreclosures.
Click here for more information on Illinois foreclosure laws.
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