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What statutes govern Illinois foreclosures? Answers How are mortgage liens treated in Illinois? Illinois is known as a lien theory state where the property acts as security for the underlying loan. The document that places the lien on the property is called a mortgage. Power of sale foreclosures...
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judicial sales were conducted by the judge hearing the mortgage foreclosure action or by the sheriff of the county in which the property was located. A change in the Illinois Mortgage Foreclosure Law allows foreclosing lenders and their attorneys to designate someone other than the judge or the sh...
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Filing for Chapter 7 bankruptcy has the potential to discharge most unsecured debts, but it could also put your home at risk. If the property has a large equity in Chicago and exceeds Illinois’ homestead exemption limits, a trustee may sell it to pay off creditors. However, in many cases...
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Looking to invest in real estate? Short on cash? Foreclosures can get you started. Are you looking to invest in real estate? Buying foreclosure houses is the best way to go, if you are short on cash to start off with. Investment in bank foreclosures and HUD homes in California, Georgia...