Is there a Statutory right of redemption in Illinois?

Foreclosure is a situation in which a homeowner is unable to make full principal and interest payments on his/her mortgage, which allows the lender to seize the property, evict the homeowner and sell the home, as stipulated in the mortgage agreement. One month after the homeowner misses a mortgage payment, he/she is in default and will be notified by the lender. Three to six months after the homeowner misses a mortgage payment, assuming the mortgage is still delinquent, and the homeowner has not comprised the missed payments inside a specific grace period, the financial institution will get started to foreclose. Typically the farther behind the debtor falls, the more difficult it becomes to get up since lenders add fees for payments that are 10-15 days past due.

Each state has their own foreclosure laws in the notices the lender must post publicly and/or with the homeowner, the homeowner's choices for bringing the loan current and avoiding foreclosure, and the process for promoting the property. In twenty two states – including California, Illinois, and Nyc – judicial foreclosure is the norm, meaning the lender must go through the courts to get authorization to foreclose by showing the borrower is late.

If the foreclosure is approved, the local sheriff auctions the home to the greatest bidder to try and recoup what the bank is due, or the bank becomes the owner and markets the house through the traditional route to recoup their loss. The entire legislativo foreclosure process, from the borrower's first, missed transaction through the lender's sale for the home, usually will take 480 to 700 times, in accordance with the Mortgage Bankers Association of America.

The other 28 states – including Arizona, California, Georgia and Texas – generally use non-judicial foreclosure, also known as the power of sale, which is commonly faster and really does not go through the courts unless the homeowner sues the lender.

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