Escrow & Title
In Illinois, a judicial foreclosure means:
AThe lender can repossess the property without court involvement
BThe foreclosure must proceed through the court system✓ Correct
CThe borrower must appear before a judge to obtain a loan modification
DThe IRS approves all foreclosure sales
Explanation
Illinois is a judicial foreclosure state, meaning the lender must file a lawsuit and obtain a court order to foreclose on a mortgage. The process involves filing a complaint, serving the borrower, obtaining a judgment of foreclosure, and conducting a court-supervised sale. This typically makes the process longer than in non-judicial states.
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