IL Bar Practice Questions - Illinois Bar Examination Exam

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A mortgagor defaults on a loan secured by a mortgage on real property. In a lien-theory state like Illinois, what is the lender's typical remedy to recover the debt from the property?

Automatic title transfer to the lender upon default Judicial foreclosure followed by a sale, subject to statutory redemption rights Self-help repossession of the real estate Immediate eviction without any court process

Correct Answer:

Judicial foreclosure followed by a sale, subject to statutory redemption rights

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