There are a few other conditions that have to be met (I have posted all BOA conditions on my Land Trust University website–which is accessed by members only). So, if your property is located in Illinois I encourage you to use BOA if you can get good terms on your loan AND close the deal using an Illinois Land Trust.
Recent Land Trust Student Question: Foreclosure & Land Trusts
Hello, I am here in Southern California, does anybody know the process to stop foreclosure sale if I transfer the deed to a Revocable Trust or Land Trust. Does it work and what is the process?
Mr. Land Trust Expert Response:
There are many benefits to using a Land Trust but putting your property into a land trust will NOT stop a foreclosure. If the foreclosure filing has already occurred, there will be NO effect on the process. If the filing has not be done yet, by the lender, then all that happens (if you put your property into a land trust prior to the filing) is it gives the lender one more person (or entity) to serve (your trustee) in the foreclosure process.