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Illinois Foreclosure Law
Illinois foreclosures are carried out solely through court
proceedings. The typical timeline for an Illinois foreclosure is
approximately one year.
Pre-foreclosure Period
A foreclosure begins in Illinois when the lender takes action
in court against the borrower. A notice of the court action is
given to the borrower and other affected parties in person or by
publication if necessary. All parties have 30 days to respond to
the court action or the lender will continue to pursue the
foreclosure by requesting the court to make a ruling on the
matter. If the court rules against the borrower, the lender can
schedule a public sale to recover the amount owed on the loan
plus applicable costs. A borrower has the right to stop the
foreclosure within three months of being notified of the court
action by paying the default amount plus fees and costs. The
borrower can redeem the property for at least seven months
(sometimes longer) after being notified of the court action by
paying off the entire loan balance.
Notice of Sale / Auction
A notice of sale must be sent to all affected parties and
include the property address and legal description; times the
property may be inspected before the sale; the day, time,
location, and terms of the sale; the case title, number, and
court handling the lawsuit; and a contact person. The notice is
published in the legal notice and real estate sections of a
local newspaper once a week for three weeks. The first
publication is no more than 45 days before the sale date, with
the last publication no less than seven days before the sale
date. If the sale must be postponed, the person conducting the
sale announces the details of the new sale. If a sale is
postponed for more than 60 days from the originally scheduled
sale date, a new notice is republished. The sheriff typically
conducts the public auction. Anyone may bid, including the
lender, and the property is sold to the winning bidder. Once the
winning bidder pays the full bid price, the person conducting
the sale gives the winning bidder a certificate of sale, subject
to confirmation by the court. Upon court confirmation, the
winning bidder receives ownership of the property and is
entitled to take possession of the property unless eviction is
necessary. If the property is still occupied, the winning bidder
gets possession after 30 days.
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