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As a general proposition, Illinois homestead exemption law prevents
creditors from executing judgments against a person's primary residence.
The single greatest except to this rule is the purchase money security
interest created by mortgages. Once a mortgage lien attaches, default
under the terms of the note or security agreement entitles the lender to
foreclose on homestead property according to the Illinois Homestead Exemption Act.
When owning more that one tract of land, filing the Illinois homestead exemption form
(provided by the county clerk) should be helpful if required to prove
election of property.
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