On Sept. 30, 2021, the First District of the Illinois Appellate Court held that leaving a summons with a mentally impaired adult is a valid service of process.
A comprehensive discussion of sections 2-1301 and 2-1401 of the Illinois Code of Civil Procedure and their interplay with the Illinois Mortgage Foreclosure Law.
On March 31, 2014, the Illinois Appellate Court for the Second Circuit held, as a matter of first impression, that residential mortgages made by an unlicensed entity are invalid under the Illinois Residential Mortgage License Act of 1987, 205 ILCS 635 ("Mortgage License Act").
Illinois law presumes lenders are entitled to possession of commercial property during foreclosure, and defendant-mortgagors aren't likely to overcome that presumption.
The seventh circuit rules that borrowers can sue lenders for state law breach of contract and other claims related to a trial period plan payment agreement.
Newly enacted section 1452 of Title 68 of the Illinois Administrative Code, promulgated by the Department of Financial and Professional Regulation (the "Department"), is directed towards appraisal services and specifies rules implementing provisions of the Appraisal Management Company Registration Act, 225 ILCS 459. 68 Ill. Adm. Code 1452.
Too often, lenders win mortgage-fraud judgments against defendants who turn out to be judgment proof. The solution? Ensure that mortgage brokers have adequate E&O coverage.
The Homeownership Mortgage Loan Program ("the Program"), authorized by Sections 7.19 and 7.23 of the Illinois Housing Development Act [20 ILCS 3805/7.19 and 7.23], provides for origination, making, and purchasing of residential mortgage loans to attain the general objectives of the Illinois Housing Development Act. 47 Ill. Adm. Code 300.
Proponents say foreclosure mediation helps homeowners find relief – or at least closure – in an often forbidding legal process. Here’s what’s underway in the various counties.
A McLean County program puts homeowners and lenders together with mediators to help work out agreements and uses U of I law students to represent homeowners in mediation.
The Code of Civil Procedure has been amended to require a mortgagee involved in a residential real estate foreclosure to either accept or reject a mortgagor's short sale offer within 90 days of the offer (735 ILCS 5/15-1401.1 new).
Does a recent Illinois Supreme Court opinion render some alreadyissued foreclosure orders voidable? If so, what might that mean for the property and subsequent buyers?
The Illinois Supreme Court holds that in a foreclosure suit, the mortgage lender must name (and thus notify) the personal representative of a deceased borrower before the trial court can hear the case.
The Illinois Supreme Court in June upheld decisions of the Circuit Court of Cook County, finding that mortgage foreclosure actions are quasi in rem proceedings.
