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