Attorney General’s Office
700 W. Jefferson Street
P.O. Box 83720
Boise, Idaho 83720-0010
Tel: (208)334-2400
www2.state.id.us/ag
Type of Document: Mortgage and Trust Deed
Types of Foreclosure:
Judicial: The only foreclosure method allowed in Illinois is judicial
foreclosure. This can be accomplished in one of three ways; strict
foreclosure (similar to Connecticut), consent foreclosure, or a more
normal judicial foreclosure process.
Consent foreclosure: Both the borrower and lender must agree to
this type of foreclosure. The advantage to the borrower is once
accepted by the lender, a deficiency judgment may not be pursued.
The advantage to the lender is, once agreed to, the borrower loses
the right of redemption.
Deficiency: If any other method of foreclosure is used other than consent foreclosure, a deficiency can be obtained by the lender in some cases.
Redemption: The borrower may redeem the property up to three
months after the court approves the sale. Oddities of the state:
During the foreclosure process, the lender may, through court order,
gain possession of the property. In other words, the lender can kick
the owners out before they lose the property. While the lender has
the right to remove the owner, the lender can not remove a tenant
from the same property.
