Commercial and Residential Mortgage Foreclosure: Preliminary Procedures and Commencement of Action (IL)

Summary

This practice note explains the commercial and residential mortgage foreclosure process in Illinois from the preliminary stages through commencement of a judicial foreclosure. Foreclosure law in Illinois is a practice area all its own, with many attorneys handling largely, or even exclusively, foreclosure lawsuits. The Illinois Mortgage Foreclosure Law provides a statutory framework for foreclosure cases from start to finish, and the higher courts in Illinois have issued frequent rulings expanding upon its provisions, creating a body of case law that must be taken into account by practitioners. This practice note provides a thorough analysis of both, with recommendations for best practices to help attorneys, mortgage companies, and foreclosure defendants chart a path to the best outcomes possible.