Publications

Section Newsletter Articles on Foreclosures

The demons of consent foreclosures: What every bank should know By Amber L. Michlig Commercial Banking, Collections, and Bankruptcy, April 2014 An examination of the process of consent foreclosures and the roadblocks and warnings that an Illinois bank client should be familiar with when considering a consent foreclosure in order to fully protect their interests.
Developing a game plan for residential foreclosures By Ebony R. Huddleston General Practice, Solo, and Small Firm, March 2014 Illinois has one of the longest residential foreclosures processes in the country. Residential foreclosures can be a complex maze for practitioners and homeowners to navigate. For that reason, it is important to develop a game plan before proceeding to file a foreclosure complaint so practitioners can anticipate potential pitfalls the lender may encounter by pursuing the foreclosure action.
Nevada Supreme Court protects confidentiality in foreclosure mediation By Brandon Sarkauskas Alternative Dispute Resolution, March 2014 Not only does the recent decision by Nevada’s Supreme Court affirm the confidential nature of the foreclosure mediation program, but it offers reassurance of confidentiality to others who may be interesting in pursuing mediation resolutions for other conflicts as well.
Cypress Creek decision legislatively reversed By Paul Peterson Commercial Banking, Collections, and Bankruptcy, July 2013 When all is said and done, it is likely that after PA 97-1165 (signed February 11th of this year), construction lenders will be more cautious in their construction lending and will charge an increased interest rate to cover the increased risk of additional mechanics lien losses in Illinois.
When is a surety not a surety: Clearing up the confusion of self-issued replevin bonds By Stephen J. Butler Commercial Banking, Collections, and Bankruptcy, July 2013 This article will first give a brief overview of actions in replevin without notice, and will then argue that a plaintiff may validly issue its own replevin bond.
Under Illinois law, what constitutes a lack of standing in mortgage foreclosures? By Steve Caravajal Real Estate Law, March 2013 Despite the fact the “lack of standing” is one of the most often asserted defenses in foreclosure proceedings, there are only a handful of recent appellate opinions which have addressed this ubiquitous issue. This article offers a look at one of the most recent opinions, Deutsche Bank Nat’l Trust Co. v. Gilbert, and discusses the effect it is likely to have or should have in foreclosure proceedings to come.
Foreclosures and real property tax valuation revisited: Continuing challenges and responses By Thomas A. Jaconetty State and Local Taxation, October 2012 A look at the complex issues involved in determining market value of real property in the current economic environment without comprising the principles of appraisal and valuation of real property.
How to create a (legal) hornet’s nest By Hon. E. Kenneth Wright Jr. Bench and Bar, October 2012 Deutsche Bank v. Brewer involves service by publication in a Cook County foreclosure case.
How do foreclosures affect real property tax valuation? And what can we do about it? By Thomas A. Jaconetty State and Local Taxation, May 2012 Some insight to help us find within our commonly-accepted principles a framework for confronting the challenges of a depressed economy and a national real estate market under severe stress.
The not-so-“personal” means of obtaining a personal deficiency By Hon. Jesse G. Reyes and Abigail Sue Bench and Bar, May 2012 An exploration of the basis for the Metrobank v. Cannatello trial court’s interpretation and application of the Illinois Mortgage Foreclosure Law.
Taking deficiency judgments in foreclosure By Stephen J. Butler Commercial Banking, Collections, and Bankruptcy, July 2011 A discussion of the legal standard for entry of a deficiency judgment and a look at the common roadblocks used by courts in denying them.
Foreclosure mediation met with mixed feelings By Whitney Rhew Alternative Dispute Resolution, April 2011 It appears that efficient programs with “quick” answers for borrowers and high participation rates will be most successful.
The role of the Special Representative in foreclosure following ABN AMRO By Donald P. Shriver Real Estate Law, January 2011 As a result of ABN AMRO, if the foreclosure involves the estate of a deceased mortgagor, a Special Representative must be appointed for “purposes of defending the action” where no letters of office have been filed for the deceased’s estate.
Foreclosure growth fuels mediation growth in Illinois By Whitney Rhew Alternative Dispute Resolution, October 2010 As of August 1, 2010, lenders must now attend mediation with the homeowner and a third-party neutral before proceeding with foreclosure in Will County.
Easing the mortgage foreclosure crisis: A proposed Part 18 to IMFL Commercial Banking, Collections, and Bankruptcy, December 2009 To state the obvious, the number of home foreclosures in Illinois has reached a critical stage. The purpose of this article is to suggest an approach that might ease the situation with respect to some of those foreclosures. 
Negotiating Loan Modifications for Clients By Tracie R. Porter and Michael W. van Zalingen Real Estate Law, June 2009 Homeowners need to know options are available when they find themselves having difficulty paying their mortgage. Whether the assistance comes through the lender/servicers or the federal government, homeowners need to know when to stay in the game and keep their homes, and when to count their losses and move out of a bad situation. Attorneys who are equipment with the information to help their clients will find that they can still provide real HOPE for continued home ownership for their clients.
An examination of lease subordination issues in an economic downturn By David J. Alexander Real Estate Law, April 2009 If negotiating a lease as a tenant, tenant’s counsel or tenant’s broker, be certain that the basic language regarding subordination, non-disturbance and attornment is present and clearly stated so as to ensure that the tenant is adequately protected.
Household Bank v. Lewis—The Illinois Supreme Court addresses the foreclosure crisis By Kristine Speck Bench and Bar, August 2008 The mortgage foreclosure rate in Illinois and nationwide has been a topic of concern since the real estate market began declining in 2005.
Private sales after mortgage foreclosure sales—An update By Jeffrey G. Liss Commercial Banking, Collections, and Bankruptcy, August 2008 The Illinois Supreme Court appears to have resolved a conflict between appellate districts as to the permissibility of private foreclosure sales consummated after a mortgage foreclosure sale but before confirmation of that sale.
IMFL: Attempted private sales after foreclosure sales By Jeffrey G. Liss Commercial Banking, Collections, and Bankruptcy, April 2008 In the First District of the Illinois Appellate Court, different Divisions have apparently found themselves at odds on a significant issue involving the Illinois Mortgage Foreclosure Law (IMFL), 735 ILCS 5/15-1101 et seq.
Who’s liable? By Myles Jacobs and Robert Duffin Real Estate Law, March 2008 An attorney represents a client whose house is in foreclosure.
Mortgage foreclosure redemptions under IMFL By Jeffrey G. Liss Real Estate Law, December 2007 Note: The following should be substituted for the final two paragraphs of Mr. Liss’ article that appeared in the November 2007 issue of this publication. – ed.
When a foreclosure sale preempts mortgagor’s right to sell By Gary R. Gehlbach Commercial Banking, Collections, and Bankruptcy, October 2007 In Household Bank, FSB, v. Lewis et al., the First District of the Illinois Appellate Court reversed the Cook County trial court, finding that the expiration of the mortgagors’ statutory right of redemption precluded the mortgagors from selling the property.
When a foreclosure sale preempts mortgagor’s right to sell By Gary R. Gehlbach Real Estate Law, September 2007 In Household Bank, FSB, v. Lewis et al., 311 Ill.Dec. 677, 869 N.E.2d 351, the First District of the Illinois Appellate Court reversed the Cook County trial court, finding that the expiration of the mortgagors’ statutory right of redemption precluded the mortgagors from selling the property.
Residential Foreclosure 101 By Donald P. Shriver Young Lawyers Division, December 2006 Regardless of the current state of the economy, homeowners default on their mortgage loans and lenders file routine foreclosure actions.
Right of redemption or not, junior mortgagee has right to file separate foreclosure action By Mark C. Palmer Commercial Banking, Collections, and Bankruptcy, September 2006 The Appellate Court of Illinois 3d District recently reversed and remanded a Marshall Co. Circuit Court’s ruling that required a junior mortgagee to redeem the senior mortgage prior to foreclosing its mortgage. React Financial v. Long, --- N.E.2d ----, 2006 WL 1476263 (Ill.App. 3d Dist., 2006).
Response to article pertaining to third-party purchaser at judicial foreclosure sales By Phillip H. Ward Jr. Commercial Banking, Collections, and Bankruptcy, March 2003 Messrs. Moody and Potter's thorough article on representing a potential third-party purchaser at a foreclosure sale (Real Property Newsletter, October 2001) furnishes an excellent argument for their firm (and many others) to change its sale procedure.
Foreclosure of residential mortgages By Kyle Rominger Young Lawyers Division, April 1999 Foreclosing a residential mortgage consists of four main steps. First, a complaint is filed against all parties with an interest in the property. Second, a judgment of foreclosure against those parties is obtained.