Foreclosure & Alternatives Law

Can a Lender Sue a Borrower for a Deficiency Judgment if the Lender is Still Owed Money After a Foreclosure Sale in Illinois?

Sometimes. If the property was sold in a public foreclosure sale and the amount that the property sold for was less than the amount that the borrower still owes on the mortgage then the lender may sue the borrower for a deficiency judgment to obtain the rest of the loan amount. However, the lender does not have the right to sue the borrower for a deficiency judgment if the property was foreclosed through a consent to foreclosure or deed in lieu of foreclosure process.