The Illinois Supreme Court announced on Friday new rules aimed at mitigating abuses and uncertainty in mortgage foreclosures, and helping those who face the loss of their homes by imposing several require-ments on mediation programs and lenders seeking to foreclose.
These include the identification of resources for government-certified counseling, for free legal represen-tation to eligible homeowners, interpretive services and sworn assurances that all loan modification efforts have been made by the lender.
The three, stand-alone Supreme Court rules reflect the Court's concern over well-publicized deceptive practices at the national and local level and the significant impact the continuing flow of residential mortgage foreclosures is having on Illinois citizens and communities.
The rules are a direct outgrowth of public hearings and 21 months of work by the Special Supreme Court Committee on Mortgage Foreclosures, whose formation was recommended by Justice Mary Jane Theis.