The newsletter of the ISBA’s Commercial Banking, Collections, and Bankruptcy Section
Browse articles by year: 2014 (5)
Newsletter articles from 2013
Aiding Illinois consumers victimized in mortgage rescue scams
This article will assist attorneys representing victims of mortgage rescue scams in how to conduct a preliminary investigation in order to build their prima facie case and thus potentially survive a motion to dismiss or a motion to strike.
Cypress Creek decision legislatively reversed
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.
In rem is incomplete: Re-thinking a common foreclosure practice
This article argues that an in rem deficiency only applies in certain circumstances and concludes that if an in personam deficiency is sought in the complaint and not granted, the court leaves open the ability of the plaintiff to later sue the debtor again in order to obtain a personal judgment for the amount of the deficiency.
Putting the short into short sales
Effective November 1, 2012, Fannie Mae’s and Freddie Mac’s new and improved preforeclosure sales program will officially be known as “Standard Short Sale/HAFA II.