New fees in foreclosures

Recent action in Springfield this morning. Senate Bill 3739 (Collins, D-Chicago; Lyons, D-Chicago) creates two new acts with two new fees to administer and fund foreclosure-counseling programs for consumers and to defray the costs of removing and securing abandoned residential property by municipalities. It does so by creating two new fees: (1) a $50 fee on a mortgage foreclosure complaint against residential property; and (2) a sliding fee to be paid by the purchaser of residential property at a judicial sale. The fee is calculated at $1 for each $1,000 or fraction thereof of the amount paid by the purchaser to the person conducting the sale. The fee is capped at $300, and there is an exception for mortgagees, judgment creditors, or other lienors acquiring the residential property by rights that arose before the judicial sale.
Posted on May 7, 2010 by James R. Covington
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