Illinois Bar Journal


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Articles on Mortgages and Mortgage Foreclosure

How Loss Mitigation Affects a Residential Foreclosure in Illinois By Matthew Hulstein March 2015 Article, Page 34 A look at various loss-mitigation procedures and how they affect the various stages of a foreclosure lawsuit in Illinois.
Mortgages originated by an unlicensed lender are void as against public policy July 2014 Illinois Law Update, Page 320 On March 31, 2014, the Illinois Appellate Court for the Second Circuit held, as a matter of first impression, that residential mortgages made by an unlicensed entity are invalid under the Illinois Residential Mortgage License Act of 1987, 205 ILCS 635 ("Mortgage License Act").
Long Odds: Commercial Mortgagors Fighting to Keep Their Property During Foreclosure Have Few Options By Tracy Steindel Ickes March 2014 Article, Page 144 Illinois law presumes lenders are entitled to possession of commercial property during foreclosure, and defendant-mortgagors aren't likely to overcome that presumption.
Challenging a Trustee Plaintiff’s Standing to Maintain a Foreclosure Action in Illinois By Damon Ritenhouse and Prashant Vallury October 2013 Article, Page 522 The authors describe a new strategy to help defend against trustee plaintiffs who may lack proper standing to bring a foreclosure suit.
Employers and Concealed Carry; Mortgage Scams October 2013 Column, Page 535 It's time for employers to start designing workplace rules to accommodate concealed carry.
Forcing Lenders to Comply with the Home Affordable Modification Program By Andrew J. Hawes June 2013 Article, Page 308 The seventh circuit rules that borrowers can sue lenders for state law breach of contract and other claims related to a trial period plan payment agreement.
Implementation of the Appraisal Management Company Registration Act May 2013 Illinois Law Update, Page 228 Newly enacted section 1452 of Title 68 of the Illinois Administrative Code, promulgated by the Department of Financial and Professional Regulation (the "Department"), is directed towards appraisal services and specifies rules implementing provisions of the Appraisal Management Company Registration Act, 225 ILCS 459. 68 Ill. Adm. Code 1452.
Mortgage Fraud and E&O Insurance: Making Sure There’s Something to Sue For By Kurt B. Drain May 2013 Article, Page 250 Too often, lenders win mortgage-fraud judgments against defendants who turn out to be judgment proof. The solution? Ensure that mortgage brokers have adequate E&O coverage.
New supreme court rules promote foreclosure mediation By Adam W. Lasker April 2013 LawPulse, Page 170 New consumer-friendly rules, effective May 1, are designed to make the foreclosure process more fair and reduce the backlog of cases.
Mortgage Foreclosure and Standing to Sue By Steven B. Bashaw January 2013 Column, Page 50 When do lenders have standing to foreclose? Cases run the gamut.
The Homeownership Mortgage Loan Program September 2012 Illinois Law Update, Page 464 The Homeownership Mortgage Loan Program ("the Program"), authorized by Sections 7.19 and 7.23 of the Illinois Housing Development Act [20 ILCS 3805/7.19 and 7.23], provides for origination, making, and purchasing of residential mortgage loans to attain the general objectives of the Illinois Housing Development Act. 47 Ill. Adm. Code 300.
The Supreme Court Mortgage Foreclosure Committee Recommendations By Steven B. Bashaw July 2012 Column, Page 380 The recommendations aim to improve the foreclosure process.
Housing Crisis Intervention: Foreclosure Mediation in Illinois By Maria Kantzavelos June 2012 Article, Page 296 Proponents say foreclosure mediation helps homeowners find relief – or at least closure – in an often forbidding legal process. Here’s what’s underway in the various counties.
Foreclosure mediation programs finding homes throughout the state By Adam W. Lasker April 2012 LawPulse, Page 178 A McLean County program puts homeowners and lenders together with mediators to help work out agreements and uses U of I law students to represent homeowners in mediation.
Mortgagee has 90 days to accept or reject mortgagor’s short sale offer. PA 097-0666 March 2012 Illinois Law Update, Page 132 The Code of Civil Procedure has been amended to require a mortgagee involved in a residential real estate foreclosure to either accept or reject a mortgagor's short sale offer within 90 days of the offer (735 ILCS 5/15-1401.1 new).
Active Duty Military: A Special Class of Distressed Homeowners By Steven B. Bashaw October 2011 Column, Page 532 Being forced to sell a home in this economy is a recipe for financial misery.
Distressed Homeowners Need Lawyers, Not Legislation By Steven B. Bashaw and Joseph R. Fortunato January 2011 Column, Page 44 Those faced with foreclosure need legal advice, not more legislation.
Foreclosure Prevention Program provides counseling, prevention funds. PA 96-1419 November 2010 Illinois Law Update, Page 564 The Illinois Housing Development Act was amended by Illinois lawmakers to create the Foreclosure Prevention Program. (20 ILCS 3805/7.30)
Foreclosure and Divorce - Borrower’s Rights in the Face of Two “Wrongs” By Joseph R. Fortunato and Steven B. Bashaw October 2010 Column, Page 544 Should your divorcing, foreclosedupon client consolidate the foreclosure with the divorce?
The Impact of ABN AMRO v McGahan on Already-Issued Foreclosures By Kevin M. Hudspeth October 2010 Article, Page 520 Does a recent Illinois Supreme Court opinion render some alreadyissued foreclosure orders voidable? If so, what might that mean for the property and subsequent buyers?
Service men and women granted stay of foreclosure proceedings. PA 096-0901 September 2010 Illinois Law Update, Page 452 The Code of Civil Procedure is amended to provide special provisions for those who have served their country. (735 ILCS 5/15-1501.5) 
2010 Spring Session Roundup By Jim Covington August 2010 Column, Page 404 A summary of key Illinois legislation passed this spring.
ABN AMRO: A victory for the foreclosed-upon By Helen W. Gunnarsson August 2010 LawPulse, Page 394 The Illinois Supreme Court holds that in a foreclosure suit, the mortgage lender must name (and thus notify) the personal representative of a deceased borrower before the trial court can hear the case.
Illinois Homeowner’s Emergency Assistance Program enacted. PA 096-0921 August 2010 Illinois Law Update, Page 400 The Illinois Housing Development Authority has been granted the power to provide financial assistance to qualifying Illinois homeowners.
It’s settled - mortgage foreclosure actions are quasi in rem proceedings August 2010 Illinois Law Update, Page 400 The Illinois Supreme Court in June upheld decisions of the Circuit Court of Cook County, finding that mortgage foreclosure actions are quasi in rem proceedings.
The Foreclosure Explosion: How Illinois Courts Are Responding By Joseph R. Fortunato and Steven B. Bashaw July 2010 Column, Page 380 How judges, lawyers, and litigants in Chicagoland are responding to the foreclosure crisis.
Purchasers of mortgaged real estate must give detailed notice to tenants. PA 096-0111 December 2009 Illinois Law Update, Page 604 Tenants must be given detailed notice of mortgage foreclosures, under new regulations passed by Illinois lawmakers. 
Could a “Clunker” Program Solve the Real Estate Lending Problem? By James K. Weston October 2009 Column, Page 530 How about letting homeowners trade in their high-interest mortgages for fixed-term models?
2009 Spring Session Roundup By Jim Covington August 2009 Column, Page 396 A summary of key legislation.
Missing Mortgage Funds and a Notary Conflict By James K. Weston July 2009 Column, Page 372 Financial institutions seem to be hoarding bailout money, not lending it.