Foreclosures in Chicago

All foreclosures in the state of Illinois are judicial, meaning that it is the role of the court to complete the foreclosure process.

The process begins with a judgment of foreclosure, which can be obtained in as little as 90 days. However, the homeowner has a 90-day reinstatement period, which prevents the courts from making any rulings on a property until that time is up. The court also has the power to extend the period of redemption as it sees fit.

It is up to the lender to ensure that there are no senior liens on the property before foreclosing on it. They must also list any junior lien holders on a foreclosure proceeding when presenting it to the court. Once the borrower has gone into a period of default, the lender has the right to file a Complaint to Foreclose Mortgage. It is then served to all of the lenders listed on the mortgage; if that person cannot physically be located, the notice of foreclosure will be printed in a local publication.

While the homeowner has a 90-day redemption period during which he can speak with the courts, this period can also be shortened if the property is found to be abandoned.