Publications

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.

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