Property Ownership
What is a 'judicial foreclosure' and how does it work in Illinois?
AA foreclosure that bypasses the courts; faster than traditional foreclosure
BA court-supervised foreclosure process where the lender files a lawsuit and a judge oversees the property sale✓ Correct
CA foreclosure initiated by the local government for unpaid taxes only
DA voluntary foreclosure agreed to by the borrower and lender
Explanation
Illinois is a judicial foreclosure state, meaning the lender must file a lawsuit (complaint for foreclosure) and go through the court system to foreclose. The process involves filing a complaint, serving the borrower, obtaining a judgment, and a public auction (sheriff's sale) supervised by the court. The entire process typically takes 12-18+ months in Illinois, much longer than non-judicial (power of sale) foreclosures in other states.
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