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The Illinois Department of Financial and Professional Regulation (IDFPR) is the Illinois state government code department that through its operational components, the Division of Banking, Division of Financial Institutions, Division of Professional Regulation, and Division of Real Estate, oversees the regulation and licensure of banks and financial ...
General foreclosure process. Illinois is a judicial foreclosure state. That means the foreclosure process occurs in court. In Illinois, the foreclosure process is governed by the Illinois Mortgage Foreclosure Law (IMFL), 735 ILCS 5/15â1101 seq. The IMFL provides the exclusive method for foreclosing on all mortgages.