state_legiscan_drain · IL
MORTGAGE FORECLOSURE TIME
February 3, 2026
Summary
If enacted, this bill would establish a 10-year statute of limitations for commencing foreclosure actions on mortgage debts in Illinois, extending the current period. It also would amend probate procedures to require secured creditor approval before a court can direct a sale of property that cannot satisfy the debt in full. This affects lenders, servicers, and consumers involved in foreclosure and estate administration.
AI-generated summary · Jun 8, 2026. Verify with your compliance counsel before acting.
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Source: https://www.ilga.gov/Legislation/BillStatus?DocNum=2951&GAID=18&DocTypeID=SB&SessionID=114&GA=104
Common questions
- What does "MORTGAGE FORECLOSURE TIME" cover?
- If enacted, this bill would establish a 10-year statute of limitations for commencing foreclosure actions on mortgage debts in Illinois, extending the…
- When was it published?
- It was published on February 3, 2026.