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Illinois Foreclosure Law

HomeForeclosure IllinoisIllinois Foreclosure Law
Illinois Foreclosure Law
Posted by admin |

Illinois state laws permit only the judicial form of foreclosure, which allows redemption rights but is without the benefit of deficiency judgments.

  • To initiate the foreclosure process, the lenders have to notice a borrower who has to respond to such notice in less than 30 days.
  • If the court issues a favorable verdict to the lender, he will be entitled to sell the property after complying with all provisions as laid out in the Illinois statutes.
  • In addition to judicial foreclosure, lenders can also resort to deed instead of foreclosure or consent foreclosure if the borrower agrees to it.

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