Turczak v. First American Bank

Illinois Appellate Court
Civil Court
Citation
Case Number: 
2013 IL App (1st) 121964
Decision Date: 
October 2, 2013
District: 
1st Dist.
Division/County: 
Cook Co., 3d Div.
Justice: 
HYMAN
Holding: 
Affirmed.
To close on short sale, after it had obtained a default judgment on its promissory note, second mortgagee conditioned release of second mortgage on homeowners paying $6,000. Illinois law allows a lender to proceed in separate suits to enforce its mortgage and underlying promissory note, and second mortgagee's rights in property are not extinguished as a matter of law. Foreclosure suits on property are quasi in rem proceedings, with a legally distinct remedy from an in personam proceeding on a promissory note. (PUCINSKI and MASON, concurring.)