The method primarily followed for mortgage foreclosure by Illinois is judicial.

Once a property owner gets the notice of default it can take more than seven months (and at least seven months) before the property can be sold at a public auction of foreclosure sale.

Once a foreclosure property becomes Real Estate Owned, it tends to be more expensive than in preforeclosure, therefore buying it during preforeclosure is a better option.

A system where lenders are provided with a deficiency judgment in cases where properties end up selling for lesser than the primary mortgage amount at the public foreclosure auction sale is in place in Illinois.

On the other hand, in the case of a deed in lieu of foreclosure or consent foreclosure, providing a deficiency judgment is not allowed.