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Foreclosure Survival Guide
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Foreclosure Survival Guide (1st Edition)
| Topic | State Rule |
|---|---|
| Common type of foreclosure process | Judicial |
| Time to respond | Homeowner has 20 to 30 days to respond after being served with summons and complaint. After court issues a judgment of foreclosure, notice must be published between 45 and seven days before sale. No notice need be mailed to homeowner. |
| Reinstatement of loan before sale | Available within 90 days after foreclosure complaint is served on homeowner. Under High-Risk Home Loan Act, foreclosing party must serve notice of right to reinstate at least 30 days before starting foreclosure lawsuit. |
| Redemption after sale | Allowed for seven months after the complaint is served or three months after foreclosure judgment entered, whichever is later. |
| Special protections for foreclosures involving high-cost mortgages | Special defenses to foreclosure lawsuit. High-Risk Home Loan Act, 815 Ill. Comp. Stat §§ 137/1 to 137/175 |
| Special state protections for service members | 330 Ill. Comp. Stat. § 60/5.1 |
| Deficiency judgments | May be sought as part of the foreclosure lawsuit |
| Cash exempted in bankruptcy | $4,000 for one person, $8,000 for a married couple |
| Notice to leave after house is sold | Court may order homeowner removed 30 days after sale. New owner must file a complaint for forcible entry and detainer to remove any occupant who wasn’t personally served in the foreclosure case. 735 Ill. Comp. Stat. 735, ILCS 5/9‑101, 735 ILCS 5/15‑1508(g) |
| Foreclosure statutes | 735 Ill. Comp. Stat §§ 5/15-1501 to 5/15-1512 |