In the state of Illinois their foreclosures are gone about using the judicial foreclosure process. This process requires the lender to file a lawsuit with the county court in order for the foreclosure to be official.

The typical foreclosure takes about six to eight months to complete. There will be no power of sale clause present in Illinois.

Below is an outline of the process:

  1. After the homeowner has missed two consecutive payments the lender will send them a notice informing the borrower they are in default.
  2. Usually after about three missed payments the process will officially begin. The lender will then send a notice of the intention to foreclose, and the case will then move to the lenders attorney.
  3.  The attorney will prepare and file a complaint to the courts giving you a certain amount of time to resolve the situation or the foreclosure will proceed. 
  4.  If the borrower did not respond to the complaint, they will then be issued a foreclosure notice. This notice will be posted in the local newspaper for at least three weeks prior to the sale, one time per week.

If the homeowner does not respond in time the sale will proceed and will be handled by sheriff sale.

Moe Bedard

My name is Maurice “Moe” Bedard. I am the founder of America’s #1 Mortgage Forum, My online work has been featured in the New York Times, LA Times, Fox Business, and many other media publications.