Articles on Foreclosures

Negotiating Loan Modifications for Clients By Tracie R. Porter & 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 & 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.
Lis pendens notices By Bradley W. Small Commercial Banking, Collections, and Bankruptcy, October 2006 When it comes to parties with competing interests in real estate, the lis pendens notice plays an integral part in establishing priority of such interests.
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).
Legal notice for foreclosure sale, public auction of real estate Commercial Banking, Collections, and Bankruptcy, March 2003 At the premises I, Lyle Dirks, having been designated by the Circuit Court of the Fourteenth Judicial Circuit, Whiteside County, Illinois in the case entitled Sterling Federal Bank, F.S.B., a corporation, v. Dennis O. Walrath, Sandra K. Walrath, and Mortgage Electronic Registration Systems, Inc., Case No. 02 CH 7 ST, as sale officer to conduct the sale, will sell the following described property at public auction to the highest qualified bidder.
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.

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