How Foreclosures Illinois Work
In the state of Illinois there are two kinds of foreclosures: there are consent and judicial foreclosures Illinois; and both types of foreclosures Illinois are used for very specific purposes.
Consent foreclosures Illinois happen when a bank, either by filing a complaint or a motion, agrees to waive any and all rights to a personal judgment against all homeowners and guarantors.
Any party with an interest in the mortgaged property can object to the consent judgment and if such an objection is lodged a hearing will be ordered. During this hearing the objecting party must show just cause why judgment should not be entered and then it is up to the judge to determine the required amount to redeem the property and keep it from thickening the number of foreclosures Illinois.
In order for judicial foreclosures Illinois to take place a complaint must be filed with the courts.
When it comes to foreclosures Illinois, the state also has a redemption and reinstatement period.
The homeowner is allowed to reinstate the loan in default for up to ninety days after service upon all parties by paying the outstanding bills.
If the court finds that the homeowner has reinstated then they will be barred from reinstating again on the same mortgage for five years.
Homeowners can waive the right to reinstate only after the commencement of foreclosures Illinois complaints. This waiver must be done in writing and the bank must waive the deficiency judgment as well.
When it comes to foreclosures Illinois, the owner and a senior lien holder can redeem the property prior to the auction.
There are also some special rights to redeem when the banks wins the bid. If that happens, the previous owner shall have a special right to redeem the property for a period of thirty days after the confirmation of sale.