Understanding Illinois car repossession laws a comprehensive guide to your rights and available options. Repossessed from Owner (Borrower) Name: Address.Learn how long it takes to foreclose on a home in Illinois, the best way to avoid foreclosure and the 10 steps in the Illinois home foreclosure process. One of the critical aspects of repossession laws in Illinois is that lenders are not obligated to provide prerepossession notices to borrowers. Illinois requires auto lenders to wait 21 days after sending out the Notice of Redemption before they can resell the vehicle. When a homeowner misses or completely stops making their mortgage payments, the lender can repossess the property and the home goes into foreclosure. In Illinois, a vehicle can be repossessed after just one missed payment. Lenders are allowed to seize your car as soon as you default on the loan terms. Please be aware that forms will be displayed in a NEW browser window. Losing Your Manufactured Home to a Repossession or Foreclosure.