Foreclosures List - Notice of Defaults - Illinois Foreclosures list

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The only foreclosure method allowed in Illinois is Judicial foreclosure. This can be accomplished in one of three ways; strict foreclosure, consent foreclosure, or the more normal judicial foreclosure process.

Both the borrower and lender must agree to this type of foreclosure. The advantage to the borrower is once accepted by the lender, a deficiency judgment may not be pursued. The advantage to the lender is, once agreed to, the borrower loses the right of redemption.

If any other method of foreclosure is used other than consent foreclosure, a deficiency can be obtained by the lender in some cases.

The borrower may redeem the property up to three months after the court approves the sale.

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