Illinois Foreclosures - 99,140 Foreclosure Listings

Foreclosure Homes in Illinois

There are currently foreclosed homes listed in Illinois. Why should you consider buying a foreclosure property in Illinois? To save money, of course! That’s right, purchasing a foreclosed home can save you as much as 50 percent or more on the final sale price of a distressed deal in Illinois when compared to a traditional single-family house. We’ve also got awesome deals on top of incredible foreclosure deals, from rent-to-own homes, short sales and preforeclosures in Illinois, as well as bankruptcy filings and government-owned foreclosure listings such as HUD, Fannie Mae and Freddie Mac, among others. Just select the county in Illinois that you want to look for a property below. Then search through all distressed real estate listings in Illinois for the amazing deal that’s right for you.

Illinois Foreclosure Laws

Illinois primarily uses judicial foreclosure involving mortgage. deeds of trust are not customary.. Typical timelines run 9-15 months typical. Statutory redemption often 6-12 months pre-sale. Deficiency judgments permitted

Foreclosure Type Process

Judicial
Mortgage Instrument Security Type

Mortgage. Deeds of trust are not customary.
Typical Timeline Duration

9-15 months typical
Deficiency Judgment

Deficiency judgments permitted
Redemption Period Owner Rights

Statutory redemption often 6-12 months pre-sale.
Process Summary

Illinois requires judicial foreclosure. The process includes court proceedings, reinstatement and redemption periods, and confirmation of the foreclosure sale by the court.
Notice / Timing Statute

735 Illinois Compiled Statute 5/15-1501 et seq. (judicial foreclosure process)
Redemption Statute(s)

735 Illinois Compiled Statute 5/15-1603 (redemption period generally 7 months)
Deficiency Statute(s)

735 Illinois Compiled Statute 5/15-1511 (deficiency allowed after judicial foreclosure)

How to Buy a Foreclosure in Illinois

Look for foreclosure listings in circuit court foreclosure sales, MLS, and public notices in Illinois. Illinois foreclosures are generally judicial, with potential redemption periods. Secure financing or proof of funds early. Conduct thorough title and condition reviews. Bid at the court-ordered sale or pursue a lender negotiation if the property remains unsold

What type of foreclosure is used in Illinois?

The type of foreclosure in Illinois is Judicial

Is there a redemption period in Illinois?

Statutory redemption often 6-12 months pre-sale.

Are deficiency judgments allowed in Illinois?

Deficiency judgments permitted in Illinois

How do you buy a foreclosure in Illinois?

Look for foreclosure listings in circuit court foreclosure sales, MLS, and public notices in Illinois.