§ 735 ILCS 5/15-1401 Deed in Lieu of Foreclosure
§ 735 ILCS 5/15-1401.1 Short sale in foreclosure
§ 735 ILCS 5/15-1402 Consent Foreclosure
§ 735 ILCS 5/15-1403 Common Law Strict Foreclosure
§ 735 ILCS 5/15-1404 Judicial Foreclosure
§ 735 ILCS 5/15-1405 Power of Sale

Terms Used In Illinois Compiled Statutes > 735 ILCS 5 > Article XV > Part 14 - Methods Of Terminating Mortgagor's Interest In Real Estate

  • Affidavit: A written statement of facts confirmed by the oath of the party making it, before a notary or officer having authority to administer oaths.
  • Answer: The formal written statement by a defendant responding to a civil complaint and setting forth the grounds for defense.
  • Common law: The legal system that originated in England and is now in use in the United States. It is based on judicial decisions rather than legislative action.
  • Complaint: A written statement by the plaintiff stating the wrongs allegedly committed by the defendant.
  • Deed: The legal instrument used to transfer title in real property from one person to another.
  • Foreclosure: A legal process in which property that is collateral or security for a loan may be sold to help repay the loan when the loan is in default. Source: OCC
  • may: as used in this Article means permissive and not mandatory. See Illinois Compiled Statutes 735 ILCS 5/15-1105
  • Mortgage: The written agreement pledging property to a creditor as collateral for a loan.
  • Mortgagee: The person to whom property is mortgaged and who has loaned the money.
  • Mortgagor: The person who pledges property to a creditor as collateral for a loan and who receives the money.
  • Real property: Land, and all immovable fixtures erected on, growing on, or affixed to the land.
  • Settlement: Parties to a lawsuit resolve their difference without having a trial. Settlements often involve the payment of compensation by one party in satisfaction of the other party's claims.
  • shall: as used in this Article means mandatory and not permissive. See Illinois Compiled Statutes 735 ILCS 5/15-1105
  • State: when applied to different parts of the United States, may be construed to include the District of Columbia and the several territories, and the words "United States" may be construed to include the said district and territories. See Illinois Compiled Statutes 5 ILCS 70/1.14
  • United States: may be construed to include the said district and territories. See Illinois Compiled Statutes 5 ILCS 70/1.14