Author: LAF
Last updated: May 2006

Illinois Mortgage Foreclosure Law, 735 ILCS 5/15-1101 through 1706

January 1, 2004 Borrower misses first payment

February 1 - 28 Borrower misses second payment; lender sends notice informing borrower of default and of possible loss mitigation options (e.g., forbearance agreement)

March 1 - April 30 Borrower misses third payment; lender sends notice of acceleration; informs borrower it intends to foreclose; sends file to attorney to initiate foreclosure

May 1 - 31 Foreclosure attorney reviews file, prepares complaint, etc.

June 1 Complaint filed

June 15 Borrower personally served

July 15 Answer due

August 1 No (or insufficient) answer filed by borrower; motion for default (or summary) judgment filed by lender

August 15 Default (or summary) judgment of foreclosure entered

September 15 Expiration of right to reinstate (i.e., pay arrearage and bring mortgage current) 90 days after borrower is served (§15-1602)

January 15, 2005 Expiration of right to redeem (payment of full judgment amount plus post-judgment interest and allowable expenses) 7 months after service or 3 months after judgment, whichever is later (§15-1603)

January 16 Judicial sale (§15-1507) after notice of sale (running in the newspaper for at least 3 consecutive weeks, between 45 and 7 days prior to the sale)

February 1 Order confirming sale entered (§15-1508); order of possession entered and stayed for 30 days (§15-1701)

March 2 Expiration of special right to redeem (if lender bought property for less than judgment amount) 30 days after confirmation (§15-1604)

March 3 Order of possession goes to sheriff; borrower can be evicted