Stop Foreclosure Illinois

Did you know there are several programs that can help save your Illinois home and stop the impending foreclosure? Loss Mitigation Agencies, such as ours, are experts in these programs and have assisted thousands of homeowners by providing straight answers and viable solutions.

Sometimes things beyond your control can put you into a financial bind that makes it hard to keep up with your mortgage payments. Don't let a missed mortgage payments in Illinois IL turn into default, mortgage foreclosure or eviction.

You and your family can rely upon us to provide guidance, comfort and assurance through this current situation. Let us reduce your stress and put you at ease.

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Illinois IL Foreclosure Laws

Lenders in the state of Illinois may foreclose on a mortgage in default using one of several methods. Power-of-sale clauses are void in Illinois.

Judicial Foreclosure

The borrower and/or any other person entitled by statute to receive notice of the lender’s intent to foreclose must receive such notice at least thirty (30) days prior to the court’s judgment of foreclosure.

If the court finds in favor of the lender and issues a notice of sale, the sale will be conducted on the terms and conditions specified in the notice of sale, as per Illinois statute. Typically, the county sheriff or any judge may conduct the sale in the county where the property is located.

The borrower has no rights of redemption after the foreclosure sale.

Deed In Lieu Of Foreclosure

The borrower and the lender may agree on a mutual termination of the borrower's interest in the property after a default. The lender or their representative may accept a deed from the borrower in lieu of foreclosure subject to any other claims or liens affecting the real estate. Acceptance of a deed in lieu of foreclosure shall relieve from personal liability all persons who may owe payment or the performance of other obligations secured by the mortgage.

Note: simply because a borrower offers a deed in lieu of foreclosure doesn’t mean the mortgagee is required to accept it.

Consent Foreclosure

 With a consent foreclosure, the court enters a judgment satisfying the mortgage by giving absolute title of the mortgaged property to the lender. The borrower has no rights of redemption. The lender has no right to file a deficiency judgment.

Legal Information Is Not The Same as Legal Advice This site provides information about Illinois state foreclosure law designed to help users safely cope with their own legal needs and possible find alternatives. Everyone's legal status is different. The laws of every state are in constant change and we recommend you consult a lawyer.