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The Illinois Mortgage Foreclosure Law is Article XV of the Illinois Compiled Statues. Part 15 pertains specifically to the process of judicial foreclosure.
Illinois Foreclosure CLE
The PowerPoint below was created by Steven B. Bashaw, Michael B. Demma, Eric L. Singer, Timothy J. Hammerschmith for the Illinois Institute of Continuing Legal Education. This is a good resource to start learning the basics of Illinois foreclosure law.
State Practice Guides
Residential Mortgage Lending: State Regulation Manual, North Central by
Publication Date: 2012
Available on WestLaw
Cost: $884.00 per volume
A state-specific treatment of foreclosure law can be found in the Mortgage Lending Manual. Chapter 2 provides topical entries relating to mortgages, the foreclosure process, and broker licensing. Each topic, for example “foreclosure,” contains a summary of relevant information, links to West’s Key Number Digest, and links to relevant statutory authority. Additionally, the Manual contains a section of “Cases and Decisions of Interest” for the state, with a brief summary of the decision and (if accessed through WestLaw) a link to the opinion.
Illinois Law and Practice
Vol. 27 and 27A: Mortgages
$924.00 for both volumes
Also available on WestLaw
Foreclosure is covered in volume 27A, chapter ten. Topics covered include foreclosure proceedings, foreclosure sales, the disposition of sale proceeds, fees and costs, and the effect of foreclosure. Each subsection contains a summary of the relevant law, the pertinent statutes and Illinois cases, and links to the West Key Number Digests for that topic. A “references” section also includes corresponding A.L.R., Am. Jur., and C.J.S. articles.
The Illinois Law and Practice volumes, like the MoPrac series, provide a more in-depth treatment of state foreclosure law than the Mortgage Lending Manual for Illinois. They also supplied more case citations than the Manual. Even without the access to other WestLaw references, this is probably the better practice guide for Illinois.
General Property Treatise
Thompson on Real Property, Thomas Edition by
Publication Date: 1994-01-01
Available on LexisNexis and in the library
Chapter 101 of Thompson on real property covers with mortgages, deeds of trust and related liens. Foreclosure is covered in section 101.04 Topics covered include: judicial and non-judicial foreclosure, parties necessary to a foreclosure action, rights of parties to a foreclosure, and requirements to a valid foreclosure sale. Each topical section contains a summary of the relevant law with citations to relevant cases and is followed by a sample search for computer-assisted research. For example, after reading about voidable sales, Thompson recommends a Lexis search of: private w/15 sale or foreclos! w/50 voidable.
Thompson can be useful for a very brief introduction to foreclosure law and to gain some familiarity with the relevant terminology. The suggested Lexis searches are good place to start research and can easily be translated into searches on Fastcase or WestLaw. Except for the suggested searches, however, this treatise will be minimally helpful because it discusses the laws in very general terms, does not address state specific law and cites cases from jurisdictions all over the country.
Thompson can be useful for a very brief introduction to foreclosure law and to gain some familiarity with the relevant terminology. The suggested Lexis searches are good place to start research and can easily be translated into searches on Fastcase or WestLaw. Except for the suggested searches, however, this treatise will be minimally helpful because it discusses the laws in very general terms, does not address state specific law and cites cases from jurisdictions all over the country. If accessible through Lexis or through a library, it is worth browsing, however, the limited usefulness for a single-state practitioner will not justify the cost.
Federal law permits non-judicial foreclosure of mortgages held by the Secretary of Housing and Urban Development pursuant to Title I or II of the National Housing Act or secure loans obligated by HUD under Section 312 of the National Housing Act of 1964.
Although bankruptcy law is outside the scope of this research guide, the researcher should be aware that filing for bankruptcy will have implications in the foreclosure process.