100 West Randolph Street
Chicago, IL 60601
Tel: (312) 814-3000
Type of Document: Mortgage and Trust Deed
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.