Judicial/ Non-Judicial Foreclosure: Only Judicial foreclosure
Right of Redemption / Deficiency Judgment: No / Yes
Timeline: 210 Days, Can vary depending on individual cases
Deed of Trust / Mortgage as Security Instruments: Mortgage
Judicial Foreclosure Process:
A foreclosure notice which states that the lender intends to foreclose on the property should be issued to the borrower and any other person concerned with the property/ foreclosure proceedings at least 30 days before the court’s ruling on foreclosure.
If the Court issues the foreclosure order in favor of lender, the property will be sold to the highest bidder as per the terms of the notice of sale as long as they meet the minimum conditions provided in the statutes of Illinois foreclosure law.
A judge or a sheriff of the county where the property is located can conduct the foreclosure sale.
After the default, the borrower may choose to just give the deed to the lender and all their interests in the property will be immediately terminated and the property is transferred to the lender. But the lender cannot file for a Deficiency Judgment later on, in this case. This is called Deed In Lieu of Foreclosure.
There is another type of foreclosure called the consent foreclosure. Here, the court issues a foreclosure order by transferring the title of the mortgage property to the lender. After this type of judgment, the lender cannot file for a deficiency judgment and the borrower does not have any rights of redemption. Illinois state does not allow Non-Judicial foreclosure process.