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