We do not have such a checklist in our forms library, and we recommend consulting with your bank’s outside counsel on the timing and steps involved in collecting an impaired loan and particularly the mortgage foreclosure process for delinquent mortgage loans.

For general reference, we have included a link to the Illinois Legal Aid lawyer manual on the mortgage foreclosure process in Illinois in the resources below. The manual provides a general guide on the steps involved in foreclosing on a residential mortgage loan — however, this is not a substitute for consulting with counsel. For example, we note that the manual’s reference to sending “a notice advising the borrower that he or she has a ‘30 day grace period’ to contact a housing counselor” is now out of date, since this provision of the Illinois Mortgage Foreclosure Law has been repealed.

For resources related to our guidance, please see:

• Illinois Legal Aid, Detailed mortgage foreclosure process (July 2, 2019)

• [Please note that this provision of Illinois law expired on July 1, 2016, pursuant to a sunset provision.] Illinois Code of Civil Procedure, 735 ILCS 5/15-1502.5 (“Except for mortgages secured by residential real estate in which any mortgagor has filed for relief under the United States Bankruptcy Code, if a mortgage secured by residential real estate becomes delinquent by more than 30 days the mortgagee shall send via U.S. mail a notice advising the mortgagor that he or she may wish to seek approved housing counseling.”)