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The Professor · 01-06-2009, 06:43 AM

Good morning. A key word search on Illinois foreclosure call resulted in finding the information provided below. While Illinois does provide lenders with the capability of obtaining a deficiency judgment, the fact that lenders do not have a non-judicial foreclosure path and must resort to judicial foreclosure with its lengthy processing time, suggests that the "deed-in-lieu" or "consent to foreclosure" alternatives are utilized. Noting that, I would suggest contacting your lender and suggesting that alternative because if the lender accepts, they cannot chase you later for the deficiency shortfall.

Daniel

Only Judicial foreclosures are allowed in state of Illinois.

What is the processing period for foreclosure Illinois?
Processing period is 210 days in Illinois.

Is there any right of redemption in Illinois for foreclosure?
No, Illinois does not offer right of redemption.

Are deficiency judgments permitted in Illinois?
Deficiency judgments are permitted in Illinois.

Which law provision governs foreclosure in Illinois?
It is found in 735 ILCS 5/Art XV.

What happens during Judicial Foreclosure in Illinois?
First lender needs to send a notice to the borrower at least 30 days before the courts judgment of foreclosure. If court agrees with lender, it issues notice of sale with terms and condition of the sale. It should meet the minimum standard provided in the Illinois Statutes. The notice should be published in legal and real estate section of local newspaper once a week for three weeks. The last notice should be published minimum 7 days before the sale. The sale is conducted by the sheriff or any judge within the county where the property is located.

What happens during the Deed in Lieu of Foreclosure?
In this type of foreclosure, borrower simply has to give deed to the lender and his interests in the property securing the deed will be terminated. If lender accepts the deed, no deficiency judgments can be issued against the borrower afterwards.

What happens during the consent foreclosure?
In this type of foreclosure, court gives a judgment by which lender gets all rights related to title of the property. After this type of foreclosure, lender should not file for a deficiency judgment.
This is legal information; it should not be treated as legal advice.

01-06-2009, 06:43 AM	#2 (permalink)
The Professor Senior Member Join Date: Jul 2008 Location: 49er Gold Country Posts: 1,543 Nominated 0 Times in 0 Posts TOTW/F/M Award(s): 0	Re: Investment property in IL, live in WI Good morning. A key word search on Illinois foreclosure call resulted in finding the information provided below. While Illinois does provide lenders with the capability of obtaining a deficiency judgment, the fact that lenders do not have a non-judicial foreclosure path and must resort to judicial foreclosure with its lengthy processing time, suggests that the "deed-in-lieu" or "consent to foreclosure" alternatives are utilized. Noting that, I would suggest contacting your lender and suggesting that alternative because if the lender accepts, they cannot chase you later for the deficiency shortfall. Daniel Only Judicial foreclosures are allowed in state of Illinois. What is the processing period for foreclosure Illinois? Processing period is 210 days in Illinois. Is there any right of redemption in Illinois for foreclosure? No, Illinois does not offer right of redemption. Are deficiency judgments permitted in Illinois? Deficiency judgments are permitted in Illinois. Which law provision governs foreclosure in Illinois? It is found in 735 ILCS 5/Art XV. What happens during Judicial Foreclosure in Illinois? First lender needs to send a notice to the borrower at least 30 days before the courts judgment of foreclosure. If court agrees with lender, it issues notice of sale with terms and condition of the sale. It should meet the minimum standard provided in the Illinois Statutes. The notice should be published in legal and real estate section of local newspaper once a week for three weeks. The last notice should be published minimum 7 days before the sale. The sale is conducted by the sheriff or any judge within the county where the property is located. What happens during the Deed in Lieu of Foreclosure? In this type of foreclosure, borrower simply has to give deed to the lender and his interests in the property securing the deed will be terminated. If lender accepts the deed, no deficiency judgments can be issued against the borrower afterwards. What happens during the consent foreclosure? In this type of foreclosure, court gives a judgment by which lender gets all rights related to title of the property. After this type of foreclosure, lender should not file for a deficiency judgment. This is legal information; it should not be treated as legal advice.