Illinois Foreclosure Laws Summary

JudicialNon-JudicialProcess PeriodSale PublicationRedemption PeriodSale/NTS
YesNo300 DaysNA90 DaysCourt
Comments: Judicial Foreclosures are not common

Illinois foreclosures are carried out solely through court proceedings. The typical timeline for an Illinois foreclosure is approximately one year.

Pre-foreclosure Period

A foreclosure begins in Illinois when the lender takes action in court against the borrower. A notice of the court action is given to the borrower and other affected parties in person or by publication if necessary.  All parties have 30 days to respond to the court action or the lender will continue to pursue the foreclosure by requesting the court to make a ruling on the matter. If the court rules against the borrower, the lender can schedule a public sale to recover the amount owed on the loan plus applicable costs.

A borrower has the right to stop the foreclosure within three months of being notified of the court action by paying the default amount plus fees and costs. The borrower can redeem the property for at least seven months (sometimes longer) after being notified of the court action by paying off the entire loan balance.

Notice of Sale / Auction

A notice of sale must be sent to all affected parties and include the property address and legal description; times the property may be inspected before the sale; the day, time, location, and terms of the sale; the case title, number, and court handling the lawsuit; and a contact person.  The notice is published in the legal notice and real estate sections of a local newspaper once a week for three weeks.  The first publication is no more than 45 days before the sale date, with the last publication no less than seven days before the sale date.  If the sale must be postponed, the person conducting the sale announces the details of the new sale.  If a sale is postponed for more than 60 days from the originally scheduled sale date, a new notice is republished.

The sheriff typically conducts the public auction.  Anyone may bid, including the lender, and the property is sold to the winning bidder. Once the winning bidder pays the full bid price, the person conducting the sale gives the winning bidder a certificate of sale, subject to confirmation by the court.

Upon court confirmation, the winning bidder receives ownership of the property and is entitled to take possession of the property unless eviction is necessary. If the property is still occupied, the winning bidder gets possession after 30 days.

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