What is the Governing Law of Foreclosure in Illinois?

Illinois, like most states, has enacted specific legislation that controls the method of a bank’s foreclosure. The Illinois Mortgage Foreclosure Law of 1987 (IMFL), is Illinois’ version, cited as 735 ILCS 5/15-1101 et. seq.

The IMFL is the primary source of law governing foreclosures, and includes specific provisions such as the form of the complaint, notices that must be given throughout the foreclosure process, the rights of redemption, the foreclosure auction, and the confirmation hearing.

The IMFL only applies to mortgages that were created after 1987. It is unusual to come across mortgages nowadays that were originated before 1987, but if that arises then just know that the IMFL does not apply.

The IMFL is not the only law that one should be aware of. Foreclosures also involve a fair amount of civil procedure, governed by the Illinois Code of Civil Procedure, 735 ILCS 5/2-101 et. seq., the Illinois Uniform Commercial Code, 810 ILCS 5/9-101, Illinois Supreme Court Rules, Federal regulations, and various other state and Federal laws.

Any person looking to defend a foreclosure action should first and foremost become familiar with the IMFL. Too often do homeowners in foreclosure focus on less relevant statutes or legal theories, promulgated by out-of-state attorneys and websites that convince them they can win the foreclosure and keep their home for free.

The IMFL is a good system for homeowners, and provides the homeowners with protections and opportunities to redeem the property before it is lost. But it is also a framework for banks to foreclose on homes. It is important to understand the IMFL’s intricacies if you are in foreclosure and wish to save your home.

Contact a Lake County Foreclosure Defense Attorney to Discuss Saving Your Home From Foreclosure

If you are in foreclosure and are looking to save your home or walk away without owing any further money, then it is helpful to speak with a Lake County foreclosure defense attorney to see what can be done to further your goals. The foreclosure defense attorneys at Johnston Tomei Lenczycki & Goldberg LLC will review your foreclosure matter and your mortgage to provide you with the best options available to either help you save your home or walk away from it without a personal deficiency. Call the Lake County foreclosure defense attorneys of Johnston Tomei Lencyzcki & Goldberg LLC today at (847) 596-7494 to understand your options and put a plan in place.