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In this article, you'll find details on foreclosure laws in Illinois, with citations to statutes so you can learn more. Statutes change, so checking them is always a good idea. How courts and agencies interpret and apply laws can change.
State law specifies how foreclosures work, and both federal and state laws give you rights and protections throughout the process. If you get a loan to buy residential real estate in Illinois, you'll likely sign two documents: a promissory note and a mortgage.
Facing foreclosure? Start by reading this guide to Illinois foreclosure law, then contact Vantage Group Legal for immediate help. Anticipating or dealing with the foreclosure process in Illinois can be an angst-ridden time for anyone.
The General Assembly finds that residential mortgage foreclosures and the abandoned properties that sometimes follow create enormous challenges for Illinois residents, local governments, and the courts, reducing neighboring property values, reducing the tax base, increasing crime, placing neighbors at greater risk of foreclosure, imposing ...
Under 735 ILCS 5/13-115, Illinois law mandates that lenders must file a foreclosure action within 10 years from the date of the borrower’s default. Your first step is to determine the date of default and compare it with the foreclosure filing date.
No significant changes to Illinois foreclosure law in 2024; existing processes and homeowner rights remain intact despite COVID-19. Illinois homeowners have rights like pre-foreclosure notice, mediation participation, and property redemption up to 30 days post-judicial sale.
Foreclosure Laws in Illinois By LawInfo Staff Illinois provides lenders and homeowners with three common ways to approach a foreclosure: Judicial foreclosure, deed in lieu of foreclosure and consent foreclosure.
Foreclosures in Illinois are a judicial process under the Illinois Mortgage Foreclosure Act (“Foreclosure Act”). A judicial foreclosure is a civil litigation action filed in the Chancery Division and includes full discovery, motion practice, hearings, trial and ultimately judgment.
Here, you can find the specific laws that apply to foreclosures in Illinois, including a detailed description of how foreclosures work and more. Learn how an Illinois foreclosure works, including preforeclosure steps, foreclosure procedures, and homeowners’ rights under both state and federal laws.
Guide to Illinois mortgage foreclosure case issues. Includes: alternative remedies, seller financing, forfeiture of installment agreements, deficiencies, bankruptcy considerations, and more. 2021 edition. If you don't pay your mortgage, the bank could take your home back. This is called foreclosure. Our resources explain the process.