In Illinois, a home foreclosure takes place in the courts. Illinois is what is known as a judicial foreclosure state. The Illinois Mortgage Foreclosure Law is a great protection for Illinois residents. The judicial process takes time. You can use that time to work out a solution that best meets your needs. In Illinois, you own your home from the moment that you purchase it. The mortgage is a lien against the property until it is paid off. The bank can only take the property through the foreclosure process. This means that you cannot lose your home until the foreclosure case is over. Don’t panic.