| There are two (2) types of foreclosures in Illinois: | | | | and must contain the following information:1) |
| 1) Consent Foreclosure and Judicial | | | | Name of the parties: Required parties are the |
| Foreclosure.Both are used in the state for specific | | | | lender and all homeowners, other parties are:a) All |
| purposes.1) CONSENT FORECLOSUREA consent | | | | parties with a possessory interest in the real |
| foreclosure is when a bank either by filing a | | | | estate.b) Spouse of owner who has waived the |
| complaint or a motion agrees to:1) Waive any and | | | | homestead.c) Guarantors of the noted) State of |
| all rights to a personal judgment against all | | | | Illinoise) United States ( IRS liens etc)f) Any |
| homeowner and guarantors.2) The offer is made | | | | assignee of the mortgage or the propertyg) Any |
| in the complaint or by motion with notice to all | | | | holder of a mechanics lienIf a party is not named |
| parties.3) All lenders expressly consent by answer | | | | in the foreclosure, they may intervene at any of |
| to the complaint.4) No other party objects to the | | | | the following times:1) Any time prior to the entry |
| entry of judgment.OBJECTION TO CONSENT | | | | of judgment.2) 30 days after notice has been |
| JUDGMENTAny party with an interest in the | | | | given.3) By courts discretion prior to the sale |
| mortgaged real estate can object to the consent | | | | date.4) After sale but before order confirming |
| judgment. If an objection is lodged:1) a hearing is | | | | sale: Here the lien holder only receives a claim on |
| ordered2) The objecting party must show good | | | | the proceeds of the sale not any interest in the |
| cause why judgment should not be entered ( loss | | | | real estate.2A) WHAT IS CONTAINED IN THE |
| of lien)3) Judge will then determine the required | | | | FORECLOSURE COMPLAINTIn each foreclosure |
| amount to redeem the property and keep it out | | | | complaint the following information must be |
| of foreclosure.4) Judge will give the objecting | | | | included in the complaint:1) Name of the parties2) |
| party 30 days to redeem and get title vested to | | | | Copy of the mortgage will be attached.3) Copy of |
| it.The order is for the objecting party with the | | | | the promissory note will be attached.4) Nature of |
| least priority to pay up the line. Failure of the | | | | the mortgage instrument.5) Date that the |
| objecting party to pay allows the court to order | | | | mortgage was entered into.6) Name of bond and |
| objecting party to pay interest and costs including | | | | homeowner7) Date and location of the recording |
| attorney fees for the 30 day delay.2) JUDICIAL | | | | of the mortgage8) Legal and common description. |
| FORECLOSUREThe complaint is filed in the court | | | | |