What is the foreclosure law in Illinois?

Illinois law allows the borrower and lender to complete a “consent foreclosure,” which is basically a way to complete the foreclosure faster. The court enters a judgment of foreclosure against the borrower, and the borrower agrees to walk away from the property.

How long does the foreclosure process take in Illinois?

approximately 12-15 months
In Illinois, it can take approximately 12-15 months for a foreclosure to be completed. Call your lender or a HUD-certified counseling agency as soon as you can.

Is Illinois a recourse state for foreclosure?

Illinois is a recourse state. That means mortgage companies have recourse; they can recover the deficiency from the homeowner, even after the house is lost to foreclosure sale. But, in those states, generally mortgage companies can’t go after the homeowner should a sale result in a deficiency (non-recourse states).

Is Illinois a strict foreclosure state?

strict foreclosures are not encouraged by the law; in some jurisdictions the remedy can be resorted to only when all the parties in interest consent and agree to it, in others that there are no judgment creditors or pur- chasers of the equity of redemption who have the right to redeem, and in still others, the remedy …

Is there a foreclosure redemption period in Illinois?

In Illinois, you can redeem your home until the later of: seven months after you receive the summons of the foreclosure action (or are served by publication if the lender is unable to serve you the foreclosure papers personally) or. three months after the date that the court enters the judgment of foreclosure.

Does Illinois have deficiency Judgements?

The two types of deficiency judgments in Illinois are an in personam deficiency judgment and an in rem deficiency judgment. In personam means that the judgment is against the borrower, and in rem means the judgment is against the property.

How can I stop foreclosure in Illinois?

Additional Resources

1. Read tips for avoiding foreclosure here.
2. File a complaint against your lender with the Consumer Financial Protection Bureau.
3. File a complaint against your lender with the Illinois Department of Financial and Professional Regulation.
4. Seek free or low-cost legal aid.

Is Illinois a right to cure state?

Pay attention to the notice you will get telling you how many days you have to pay the amount past due to avoid repossession. Rights to cure auto leases are available in Connecticut, the District of Columbia, Illinois, Iowa, Kansas, Maine, New Hampshire, New Jersey, New York, Rhode Island, West Virginia, and Wisconsin.

What does it mean to consent to foreclosure in Illinois?

This process allows the homeowner to consent to the judgment of foreclosure to be entered without having to go through all of the formal foreclosure proceedings.

How does a judicial foreclosure work in Illinois?

All mortgage foreclosures in Illinois are subject to a process known as judicial foreclosure. A judicial foreclosure is the process in which a lender goes through formal proceedings to obtain possession of a property after a homeowner falls behind on their mortgage payments.

When is a judgment issued in a consent foreclosure?

In a consent foreclosure, a judgment is issued by the court giving the property to the lender, and can be requested once foreclosure proceedings have begun.

What are the benefits of a consent foreclosure?

One of the greatest benefits associated with a consent foreclosure is that in exchange for the consent judgment, the homeowner doesn’t face the possibility of a deficiency judgment.

This process allows the homeowner to consent to the judgment of foreclosure to be entered without having to go through all of the formal foreclosure proceedings.

All mortgage foreclosures in Illinois are subject to a process known as judicial foreclosure. A judicial foreclosure is the process in which a lender goes through formal proceedings to obtain possession of a property after a homeowner falls behind on their mortgage payments.

In a consent foreclosure, a judgment is issued by the court giving the property to the lender, and can be requested once foreclosure proceedings have begun.

One of the greatest benefits associated with a consent foreclosure is that in exchange for the consent judgment, the homeowner doesn’t face the possibility of a deficiency judgment.

What happens after a foreclosure auction in Illinois?

If the court finds in favor of the lender, a judgment of foreclosure will be entered against you. In Illinois, there is a redemption period during which you have the legal right to pay off the total debt plus certain costs and interest and reclaim your property, even after a judgment of foreclosure.

What is the redemption period in Illinois?

7 months
Subject to a few limited exceptions, you have 7 months from the date you are served to pay off your loan in full, either by refinancing the loan or by selling the house or by other means. This is called your right to redeem, and the 7-month period is called the redemption period.

What does pre foreclosure mean in Illinois?

The official definition of a pre-foreclosure property may vary by state, most investors should consider Illinois pre-foreclosure homes to be any property on which the homeowner has fallen delinquent on their mortgage.

Is there Foreclosure Mediation in Cook County Illinois?

Foreclosure mediation is available in some Illinois counties, including Cook County. If you don’t respond to the suit, the lender will ask the court for, and probably receive, a default judgment, which will allow it to hold a foreclosure sale. But if you choose to defend the foreclosure lawsuit, the case will go through the litigation process.

Are there foreclosure surplus funds in Cook County?

Nearly 2000 property owners in Cook County are owed a share of a $16 million mortgage foreclosure surplus fund. The money comes from foreclosed properties that are sold for more than what the owner owed to the bank. Cook County has been unsuccessful more

How does the foreclosure process work in Illinois?

Illinois Foreclosures. The lender initiates the foreclosure by filing a complaint with the court. The complaint is served to the borrower, along with a summons that typically provides 30 days for the borrower to file an answer, as well as a Homeowner Notice advising the homeowner of his or her rights during the foreclosure process.

Who is the circuit court clerk in Cook County?

Use the search form below to find out if the Clerk’s Office is holding money for you. All fields are required. Mortgage Foreclosure Press Conference conducted by the Honorable Dorothy Brown, Clerk of the Circuit Court of Cook County on March 12, 2009. Property foreclosed? Cook Co. hold $16M in fund waiting to be claimed

Illinois Foreclosures. The lender initiates the foreclosure by filing a complaint with the court. The complaint is served to the borrower, along with a summons that typically provides 30 days for the borrower to file an answer, as well as a Homeowner Notice advising the homeowner of his or her rights during the foreclosure process.

Foreclosure mediation is available in some Illinois counties, including Cook County. If you don’t respond to the suit, the lender will ask the court for, and probably receive, a default judgment, which will allow it to hold a foreclosure sale. But if you choose to defend the foreclosure lawsuit, the case will go through the litigation process.

How to file forcible eviction in Cook County, IL?

Currently, the Civil Process Unit is serving all paper types. PLEASE NOTE that in order to have your forcible evictions served, you must file an affidavit pursuant to Circuit Court GAO 2020-23 (amended 10-19-2020) with your summons and complaint. The affidavit must include the following depending on the type of forcible eviction being sought:

Where to file a civil case in Cook County?

The clerk has one office at every courthouse and multiple at the Richard J. Daley Center, where the nature of your case determines where you should file the process. Find out where to begin by visiting the clerk’s website at http://www.cookcountyclerkofcourt.org/ .