Learning Center | How to Buy Illinois Foreclosures

How to Buy Illinois Foreclosures
Basic Steps to Purchasing Preforeclosures
Basic Steps to Purchasing Property at an Auction Sale



In Illinois, the primary method ofmortgageforeclosure isjudicial. Because of this, it could take seven (7) months or more from the time a property owner receives anotice of default until the property is sold at apublic foreclosure auction sale. Accordingly, don’t wait until the property becomesReal Estate Owned (REO) after the auction because the property will cost more than it would inpreforeclosure.

Adeficiency judgment is available to a lender if a property inforeclosure is sold at apublic foreclosure auction sale for less than the loan amount that the underlying mortgage secures. However,deficiency judgments are not permitted in cases ofconsent foreclosure or adeed in lieu of foreclosure.


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