Illinois Summons-Residential Foreclosure is a legal process in which a lender can recover money from a borrower who has defaulted on their mortgage. It is a court-ordered process by which a borrower’s property is sold to repay the amount owed to the lender. There are three types of Illinois Summons-Residential Foreclosure: Judicial Foreclosure, Statutory Foreclosure, and Private Foreclosure. Judicial Foreclosure is the most common type of foreclosure and is initiated by a lawsuit filed by the lender. Statutory Foreclosure is a quicker process, initiated by the lender without the need for a court hearing. Private Foreclosure is a nonjudicial process in which the lender and borrower negotiate a settlement.
Illinois Summons-Residential Foreclosure
State:
Illinois
Control #:
IL-SKU-FF135
Format:
PDF
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Description
Summons-Residential Foreclosure
Illinois Summons-Residential Foreclosure is a legal process in which a lender can recover money from a borrower who has defaulted on their mortgage. It is a court-ordered process by which a borrower’s property is sold to repay the amount owed to the lender. There are three types of Illinois Summons-Residential Foreclosure: Judicial Foreclosure, Statutory Foreclosure, and Private Foreclosure. Judicial Foreclosure is the most common type of foreclosure and is initiated by a lawsuit filed by the lender. Statutory Foreclosure is a quicker process, initiated by the lender without the need for a court hearing. Private Foreclosure is a nonjudicial process in which the lender and borrower negotiate a settlement.
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