Illinois Compiled Statutes 755 ILCS 5/20-14 – No strict foreclosure.) No order of strict foreclosure may be made …
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Terms Used In Illinois Compiled Statutes 755 ILCS 5/20-14
- 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
- Mortgage: The written agreement pledging property to a creditor as collateral for a loan.
No strict foreclosure.) No order of strict foreclosure may be made upon any mortgage executed or joined in under this Article, but redemption shall be allowed as is provided by law in cases of sale for the enforcement of a judgment for the payment of money.